Grounded Jet Airways shares plummet over 24% in one month; market valuation erodes by Rs 451.26 cr to Rs 1,409 cr

New Delhi: Shares of Jet Airways have fallen over 24 percent in one month since the cash-starved airline suspended operations. Jet Airways stopped flying on 17 April after it ran out of cash. In one month, shares of the company tumbled 24.28 percent to Rs 124.10 on the BSE Friday from Rs 163.90 on 18 April. Markets were closed on 17 April for Mahavir Jayanti. The scrip of the firm hit its one-year low of Rs 120.25 on 15 May. Its market valuation has eroded by Rs 451.26 crore to Rs 1,409.74 crore on BSE during the one month’s time. Jet Airways witnessed top-level exodus earlier this week, with four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal, quitting the crisis-hit airline. [caption id=“attachment_4883531” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] The carrier on Tuesday announced the exit of Dube, Agarwal, Company Secretary Kuldeep Sharma and Chief People Officer Rahul Taneja. Last month, Independent Director Rajshree Pathy, Non-Executive and Non-Independent Director Nasim Zaidi as well as Whole Time Director Guarang Shetty had quit. In late March, Jet Airways founder Naresh Goyal along with his wife Anita Goyal as well as Etihad Airways’ nominee director Kevin Knight stepped down from their respective positions following a debt-recast plan. Naresh Goyal also stepped down from the post of chairman. Lenders are scrambling to find a suitor for the cash-starved carrier. On behalf of the lenders, SBI Caps had sought bids for sale of up to 75 per cent stake in Jet Airways. After the first round of bids, private equity firms IndiGo Partners and TPG, Etihad Airways and National Investment and Infrastructure Fund (NIIF) were shortlisted. Abu Dhabi-based Etihad Airways submitted its bid to acquire a minority stake in Jet Airways with a lot of riders that involved finding more investors, leaving little hope for the airline’s survival.