Etihad Airways held a 24 per cent stake in the airline at the end of March 2019

Jet Airways said on Friday that Robin Kamark resigned as nominee director of Etihad Airways PJSC. Mr Kamark's resignation took effect on May 16, said the grounded airline. The carrier had appointed him in November last year. Mr Kamark's resignation from Jet Airways follows a series of top management exits earlier this week, as the cash-starved carrier is struggling with a debt of more than $1.2 billion, and owes money to lessors, suppliers, pilots and oil companies.

Etihad Airways held a 24 per cent stake in the airline at the end of March 2019.

Last week, Jet Airways chief executive Vinay Dube, head of finance Amit Agarwal and chief people officer Rahul Taneja quit within a span of 24 hours after the ailing carrier failed to receive a concrete deal offer.

Jet Airways' board had earlier this month approved the resignation of its whole time director, Gaurang Shetty.

Lenders of the now-grounded Jet Airways have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues.

The airline temporarily suspended its flight operations on April 17. Till Monday, Jet Airways shares had declined 42.16 per cent since the grounding of the airline.

Hundreds of Jet Airways pilots, engineers and technicians have joined rival aviation companies.

Shares in Jet Airways closed 2.32 per cent lower at Rs 124.10 apiece on the Bombay Stock Exchange (BSE) on Friday, underperforming the benchmark Sensex index which rose 1.44 per cent, ahead of the announcement about the exit.