Jet Airways skids 10% on Etihad's non-binding offer; deputy CEO resigns

The company's Deputy CEO and CFO, Amit Agarwal resigned from the company "due to personal reasons, with effect from 13 May 2019".

Jet Airways (India) slumped 10 per cent to Rs 126 on the BSE in early morning trade on Tuesday, falling 17 per cent in the past two trading days, following a news report that Etihad Airways had put in stiff conditions in its bid that includes substantial write down of the Rs 9,000-crore loan. 

Moreover, the cash-strapped airline on Tuesday said Deputy Chief Executive Officer and Chief Financial Officer (CFO), Amit Agarwal has resigned from the company "due to personal reasons, with effect from 13 May 2019."

According to a Business Standard report, Etihad Airways has put in stiff conditions, which include a substantial write down of the Rs 9,000-crore loans, as a prerequisite to run Jet Airways. The Abu Dhabi-based airline has also put the onus of finding a majority investment partner on the Jet lenders.

Etihad, which holds 24 per cent stake in Jet, submitted its offer last Friday just before the window closed for binding bids. SBI Capital Markets, the merchant banker for the transaction, opened the offer on Monday to find there’s no binding bid, and only a letter of interest, sources in the know said. CLICK HERE TO READ FULL REPORT

At 09:26 am, the stock was trading 8 per cent lower at Rs 129 on the BSE, as compared to a 0.21 per cent rise in the S&P BSE Sensex. A combined 3.2 million shares have changed hands on the counter on the BSE and NSE so far.