Amit Agarwal’s resignation came amid reports that SBI is preparing to restart the Jet Airways stake sale process after Etihad’s non-binding offer. (Photographer: Dhiraj Singh/Bloomberg)

Jet Airways CFO Amit Agarwal Resigns Citing Personal Reasons

Amit Agarwal, deputy chief executive and chief financial officer of Jet Airways India Ltd. has resigned, the crisis-hit airline said in a regulatory filing on Tuesday. Agarwal's resignation is effective from May 13, the statement read.

"We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13," Jet Airways said in the regulatory filing.

Jet Airways was grounded temporarily around mid-April due to an acute liquidity crisis. Most of the airline's board members have also quit in the last one month.

The news of Agarwal’s resignation came on a day BloombergQuint reported that lenders led by the State Bank of India are preparing to begin a fresh search for a majority investor in Jet Airways. According to two people in the know, lenders took the call to initiate another search process at a meeting on Monday.

The move came after Etihad Airways PJSC offered to retain its 24 percent equity stake in Jet Airways but stopped short of offering any comprehensive resolution plan.

Also read: Jet Airways CEO Vinay Dube Steps Down Hours After CFO Resigns

Shares of Jet Airways ended 7.42% lower at Rs 129.10 apiece on the Bombay Stock Exchange while the benchmark Sensex gained 0.61% to end the day at 37,318.53 points on Tuesday.

Bloomberg Quint

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