Stock Market Observed 5% Fall on Jet Airways Stocks

Shares of Jet Airways continued to fall for the third straight session Wednesday, dropping over 5 per cent, after four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, quit the ailing airline.

The scrip declined 4.18 per cent to close at Rs 123.70 on the BSE. During the day, it tumbled 6.85 per cent to Rs 120.25 —  its 52-week low.

On the NSE, shares tanked 5.31 per cent to close at Rs 122.05.

In terms of traded volume, 18.18 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day.

Shares of Jet Airways had on Tuesday plunged over 7 per cent and over 8 per cent Monday.

In top level exodus at grounded Jet Airways, four senior executives have quit the ailing airline.

Jet Airways stopped flying from April 17 after it ran out of cash.

“We wish to inform that Vinay Dube, Chief Executive Officer (CEO), has resigned from services of the company with immediate effect due to personal reasons,” Jet Airways said in a filing Tuesday.

Agarwal quit with effect from May 13 due to personal reasons, as per another filing.

“...Kuldeep Sharma, Company Secretary and Compliance Officer, has resigned from the services of the company with immediate effect,” Jet Airways said in a separate filing on Tuesday.

Chief People Officer Rahul Taneja told media that it was a tough decision to leave the airline.

Meanwhile, officials of Darwin Platform Group of Companies and SBI Caps Wednesday held discussions on the group’s unsolicited bid for Jet Airways.

Darwin Platform Group, which has investments across various sectors including oil and gas, hospitality and realty, among others, has offered Rs 14,000 crore to acquire the grounded airline, its CEO Rahul Ganpule said.