Jet Airways crisis: From top level exodus to sinking stocks, here's a timeline of turbulence faced by cash-strapped airline

With almost 24 per cent of its shares plummeting in a span of just one month, turbulences for cash-strapped Jet Airways seems to increasing with the passage of time.

By : Sahil Sinha | Updated at : 17 May 2019 09:11 PM (IST)

Jet Airways crisis- From top level exodus to sinking stocks, here is a timeline of turbulence faced by cash-strapped airline Jet Airways crisis: From top level exodus to sinking stocks, here's a timeline of turbulence faced by cash-strapped airline

Jet Airways stopped flying on April 17 after it ran out of cash. (File Photo/ Getty)

Jet Airways' stock is currently trading 2.16% down at around Rs 124 apiece

Jet Airways CEO Vinay Dube on Tuesday resigned from the company

83 planes of Jet Airways have been de-registered since the cash-crunch started

Jet Airways crisis: With almost 24 per cent of its shares plummeting in a span of just one month, turbulence for cash-strapped Jet Airways seems to be increasing with the passage of time. The recent exodus of some executive level employees including its CEO Vinay Dube has raised bunch of new concern for the grounded airline. Jet Airways stopped flying on April 17 after it ran out of cash. Since then, nothing has gone right for the budged air carrier and prime victims are 22,000 of its employees and the future of their families who are solely dependent on the emoluments arising of their employment. Here are 10 recent developments which took place after the airline was forced to navigate its flights to the parking zone: 1. Jet Airways' stock is currently trading 2.16% down at around Rs 124 apiece. Script of the private airline tanked 6.85 per cent to Rs 120.25 on Wednesday- its 52-week low - on the BSE. On Tuesday scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. During the day, it plunged 12.44 per cent to Rs 122.10. Even on NSE, shares of Jet Airways plummeted 7.33 per cent to close at Rs 128.90. 2. Jet Airways CEO Vinay Dube on Tuesday resigned from the company with immediate effect citing personal reasons. This is the second high profile exit in as many days at the grounded Jet Airways after Deputy CEO Amit Agarwal put in his papers on Monday. 3. The officers and staff union of grounded carrier Jet Airways had met Maharashtra Chief Minister Devendra Fadnavis last week and sought his intervention in resolving the crisis being faced by over 22,000 employees of the company, who have not been paid since March. Fadnavis had assured full support to workout a solution with PM Narendra Modi and civil aviation ministry after the last round of polling is completed and model code of conduct is withdrawn. 4. The State Bank of India-led consortium of lenders to Jet Airways earlier this month had said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. The consortium of 26 lenders, which now owns 51 percent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids. 5. Jet Airways founder Naresh Goyal, who was forced to step down from the airline on March 25 as part of a deal with lenders, had earlier partnered with Future Trend Capital to submit a bid for investing in the airline. But later was forced to withdraw the offer of threats from to walk away. 6. The consortium of lenders is currently planning to get all bids legally verified before beginning negotiations with the interested parties. Sources told new agency IANS that the lenders may also try to stitch a deal involving two bidding parties. If this does not work out, they may have to fall back on options like the Debt Recovery Tribunal and NCLT. 7. A total of 83 planes of Jet Airways have been de-registered since the cash-crunch started. Lessors can take their aircraft out of country and lease them to other players. As per reports, DGCA now has 11 more planes in its sights and is considering requests to deregister three of Jet Airways' Boeing aircraft. 8. Earlier this week, NSE fined Jet Airways, along with 250 others, for non-compliance with various listing regulations for the quarter ended March 31, 2019. The exchange has reportedly imposed a fine of Rs 4.15 lakh on the beleaguered airline which is already under a debt of over Rs 8,500 crore. 9. Even the Income Tax (IT) department is planning to appoint an independent auditor to conduct a special audit of the Jet Airways books. Mortgage lender HDFC earlier this month had put up crisis-hit Jet Airways' office space for sale with a reserve price of Rs 245 crore, as part of efforts to recover outstanding dues. 10. A senior technician with the grounded Jet Airways allegedly committed suicide in Maharashtra’s Palghar district earlier this month because of depression triggered by cancer. According to reports, the victim had been facing “financial constraints” as employees of the airline, which has suspended services, have not got salaries for a long time.

Published at : 17 May 2019 09:11 PM (IST)

Tags :

Jet Airways Crisis