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Jet Airways Shares End 7% Lower, Down Over 46% Since Grounding Of Airline

Jet Airways shares fell on Tuesday, after the grounded Jet Airways said its deputy CEO and chief financial officer Amit Agarwal had resigned.

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Jet Airways Shares End 7% Lower, Down Over 46% Since Grounding Of Airline

Jet Airways shares: The Jet Airways stock was on course to close lower for a second straight session


Jet Airways shares plunged more than 13 per cent on Tuesday, after the now-grounded airline said its deputy CEO and chief financial officer Amit Agarwal had resigned. On the National Stock Exchange (NSE), Jet Airways share price declined 13.01 per cent to Rs 121.00 apiece at the day's lowest point. On the Bombay Stock Exchange (BSE), Jet Airways shares fell 12.44 per cent to an intraday low of Rs 122.10, as against their previous close of Rs 139.45. (Also read: Jet Airways pilots union urges Supreme Court to direct SBI to release funds)

In a regulatory filing before market hours on Tuesday, the airline said Mr Agarwal's resignation took effect on May 13. He had joined Jet Airways as chief financial officer in 2015.

(Also read: Air India announces "hefty discounts" on last moment unsold seats)

Struggling with a debt of more than $1.2 billion, Jet Airways owes money to lessors, suppliers, pilots and oil companies. Jet Airways lenders have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues. 

The Jet Airways stock was on course to close lower for a second consecutive session. 

(Also read: Etihad Airways, three others bid for Jet as deadline ends)

At 2:22 pm, Jet Airways shares traded 7.62 per cent lower at Rs 128.50 apiece on the National Stock Exchange, underperforming the benchmark Nifty index which was up 1.05 per cent.

Till Monday's closing level, Jet Airways shares had shed 42.16 per cent since the grounding of the airline last month.

(Also read: Can't fund mediclaim policy, grounded Jet tells employees)

Jet Airways shares ended 7.42 per cent lower at Rs 129.10, underperforming the Sensex which snapped its nine-day losing streak.

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