Jet Airways shares slump after reports of Etihad's non-binding offer

15 May, 2019, 08:11 | Author: Regina Silva
  • Jet Airways shares slump after reports of Etihad's non-binding offer

Debt-laden and grounded Jet Airways' Chief Financial Officer and Deputy Chief Executive Officer Amit Agarwal has resigned from his positions, the company said on Tuesday.

The scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. Jet Airways share price declined 13.01 per cent to Rs 121.00 apiece at the day's lowest point. Shares of the carrier, which have tumbled nearly 70 per cent over the past year, were down 5 per cent at Rs 144.3, as of 0445 GMT.

Shares of Jet Airways had plummeted over 8 per cent Monday.

Gulf carrier Etihad's bid for Jet Airways is "disappointing" and lenders see little chance of reviving the beleaguered airline, which has temporarily shut operations.

Several top executives and board members have quit the airline.

'Star Wars' movie in 2022 will come from 'Game of Thrones' creators
Weiss, but that there may also be a third live-action TV series extension of the franchise in the works. Star Wars: The Rise of Skywalker opens up December 20th, 2019, wrapping up the trilogy that J.J.


Powerful quake hits Papua New Guinea, prompting tsunami alert
New Zealand's civil defence says it is assessing whether the natural disaster poses any threat to the country. Papua New Guinea is located on the eastern half of the island of New Guinea, to the east of Indonesia.


Magnussen insists contact with Grosjean 'not intentional'
Overall though, I'm happy with the way we've acted this weekend, and I'm happy we've shown that the vehicle is fast. "Now it's onto the next one".


The cash-strapped airline was founded by Naresh Goyal over 25 years ago. It stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

SBI Capital Markets, which has been given the mandate to oversee the stake sale process for Jet Airways, has also received three unsolicited bids namely Adi Partners, Jason Unsworth's Atmosphere Airlines led consortium and another consortium, said people familiar with the matter.

Independent Director Rajshree Pathy and top executive Gaurang Shetty have also quit the board.

Struggling with a debt of more than $1.2 billion, Jet Airways owes money to lessors, suppliers, pilots and oil companies. But suitors had some qualms and a deadline for any interested parties to submit binding bids for the carrier ended on Friday with no such offers.

However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation".

Recommended:



Popular

Redmi K20 key specifications revealed via listing ahead of launch
The Redmi GM has also confirmed that the Redmi flagship will launch with Android Q beta update similar to the OnePlus 7 Pro. On Monday, the Redmi General Manager Lu Weibing took to Weibo to tease the name of the highly anticipated flagship device.

Netflix wants to talk about video games at E3
That's all entirely speculation on my part, but we're extremely curious to see what Netflix actually has in the works. This year's E3 festivities kick off on June 11th and conclude on June 13th at the Los Angeles Convention Center.

Iran Claims Credit for UAE, Saudi Ship Attacks
This followed a U.S. decision to end exemptions from sanctions for major importers of Iranian oil. Iran dismissed the allegation that it could be targeting maritime traffic as nonsense.

2 magnitudes quake hits Panama City; Damages reported
The quake occurred at a depth of about 12 miles (19 kilometers), but took place near a relatively lightly populated area. Further north, two months earlier in September 2017 a 7.1-magnitude quake killed more than 300 people in Mexico.

China fires back at USA with tariff hike on goods worth $60bn
The president also ordered tariffs to be raised on all remaining U.S. imports from China, which are valued at around $300 billion. On Monday, the Dow Jones Industrial Average fell 2.4% and the tech-heavy Nasdaq lost 3.4% for its biggest drop of the year.

SPOILERS ** WWE SmackDown Tapings For Tonight (5/14)
eWrestling.com will be providing play-by-play spoiler results coverage from the taping as it happens live. This was said to be an extremely good match early in the show that really set the tone for the evening.

'Science Guy' Bill Nye Screams: 'The Planet's On F****** Fire!'
Nye supported the AOC and the Green New Deal , selling the latter as a solution for global warming. So, he urged his viewers to grow up and make tough choices.

Trump Says He’s ‘Proud’ of Barr for Investigating Mueller Probe’s Origin
As he prepared to depart the White House on Tuesday, Trump was asked whether he retained confidence in Wray, given his answer. Attorney General William Barr testifies before the Senate Judiciary Committee May 1, 2019 in Washington, D.C.

Actress Felicity Huffman pleads guilty to charges related to college admissions scam
Huffman is expected to admit to allegations that she paid $15,000 to have someone correct the answers on her daughter's Saturday . Huffman said her daughter was unaware of the cheating, and that she felt "regret and shame" for having "betrayed" her.

United Kingdom politicians call for cancelling of Jeremy Kyle Show
The ITV show has been taken off the air after Steve Dymond was found dead at his home just days after failing a lie detector test. Ms Callaghan said that just before they went on the show Mr Dymond had convinced her he had not cheated.