Jet Airways sinks after top executives quit

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BENGALURU (Reuters) – Shares of Jet Airways Ltd fell as much as 6.05% on Wednesday, a day after its chief executive and two other senior executives stepped down, raising serious doubts over the revival of the debt-laden airline.

CEO Vinay Dube, head of finance Amit Agarwal and head of human resources Rahul Taneja quit within a span of 24 hours after Jet failed to receive a concrete deal offer.

Jet, once among the largest carriers in the country, was forced to ground all flights after running out of money and failing to secure funds.

The Indian carrier, also saddled with roughly $1.2 billion in bank debt, was crippled by mounting losses as it attempted to compete with low-cost rivals Interglobe-owned IndiGo, SpiceJet Ltd and Wadia Group-owned GoAir.

Stock was down 4.7%, as of 0347 GMT, and plunged 53.5% this year, as of Tuesday’s close.

Reporting By Arnab Paul in Bengaluru, Editing by Sherry Jacob-PhillipsOur Standards:The Thomson Reuters Trust Principles.

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