Economy

Jet Airways CFO Amit Agarwal quits

Jet Airways CFO Amit Agarwal quits

In its regulatory filings, the airline said Dube and Agarwal resigned due to personal reasons, without providing further details.

Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.

Dube's resignation comes as a double blow on Tuesday for the grounded airline as earlier in the day, the company's Chief Financial Officer (CFO) and Deputy Chief Executive (CEO) Amit Agarwal also resigned.

The airline ceased operations temporarily around mid-April due to acute liquidity crisis.

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Several top executives and board members have quit the airline. Former Chief Election Commissioner Nasim Zaidi had also resigned from the Jet Airways board as its Non-Executive and Non-Independent Director citing "time constraints" and "personal reasons".

Shares of Jet Airways Ltd fell as much as 11.4 per cent on Monday after media reports said a buyout offer from West Asian carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. At the closing bell, the stock price ended 7.42 per cent lower at Rs 129.10 on BSE and Rs 128.90, down by 7.33 per cent, on the NSE. Jet Airways stopped its operations on 17 April.

Etihad, which owns a stake of about 24 percent in Jet, submitted a bid for the airline, representatives of the State Bank of India (SBI) unit overseeing the sale of the stricken carrier said on Friday.

Jet Airways Chairman Naresh Goyal and his wife Anita, who held 51 per cent of the equity, resigned from the board on March 25 and transferred control to the lenders. Jet Airways lenders have taken a controlling stake in the airline, and are now in the process of selling a stake to recover their dues.