Jet Airways tumbles 13% after Deputy CEO Amit Agarwal resigns

Share price of Jet Airways plunged nearly 13 per cent in intra-day trade on Tuesday, after the crisis-hit airline announced that its Deputy Chief Executive and Chief Financial Officer (CFO) Amit Agarwal had resigned. He had joined the airline in December 2015.

Cash-strapped Jet Airways on Tuesday communicated in a statement to the stock exchanges that, "Mr. Amit Agarwal, Deputy Chief Executive Officer and Chief Financial Officer of the Company has resigned from the services of the Company due to personal reasons, with effect from 13 May 2019."

In a post market hour development, the debt-laden company said that CEO Vinay Dube has resigned with immediate effect. "We wish to inform you that Mr. Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the company with immediate effect due to personal reasons," it said in a exchange filing.

Jet Airways shares opened at Rs 125.20, with a gap-down chart pattern at a loss of 9.97 per cent or 11.4 points on the BSE. The stock further fell almost 13 per cent to the day's low at Rs 122.10 against the previous close.

Jet Airways stock, which has tumbled almost 72 per cent over the last one year, has been reeling under stress for the last two trading sessions, declining as much as 14.95 per cent. The stock traded lower than 5, 20, 50, 100 and 200 day moving average.

At the closing bell, the stock price ended 7.42 per cent lower at Rs 129.10 on BSE and at Rs 128.90, down by 7.33 per cent on NSE.

In a separate development, news agency IANS reported on Monday that Etihad, the Abu Dhabi-based airline, has offered fund infusion of Rs 1,700 cr in Jet Airways. The Gulf carrier wants the lenders, led by State Bank of India, to find a majority buyer and exemption from making an open offer in case its stake breaches 26 per cent mark. Etihad also wants a one-time settlement by banks with operational creditors.

(Edited by Rupa Burman Roy)

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Also Read: Jet Airways CEO Vinay Dube resigns a day after CFO Amit Agarwal quit company