india

Updated: May 01, 2020 17:45 IST

Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline, sources said Tuesday. The full service carrier, which is currently operating less than 10 aircraft, is awaiting fresh fund infusion under a debt resolution plan.

Airline sources said Goyal, who had stepped down as chairman of the carrier last month, has withdrawn the bid for the airline. On April 12, sources said that Goyal had also put in bid for the carrier.

SBI Capital Markets has the mandate for Jet Airways’ sale on behalf of the SBI-led consortium of the domestic lenders to the debt-ridden private carrier.

Also read:Jet Airways pilots ask PM Modi to save 20,000 jobs, appeal to SBI for funds

The management of Jet Airways will take a final call by end of the day on whether to continue operations as the airline makes last ditch efforts to raise funds, sources said Tuesday. Sources at the airline said all options would be explored before deciding on its operations.

As the crisis-hit airline’s board is meeting, reports said the carrier might be temporarily suspending its operations due to cash crunch. Shares of Jet Airways plummeted nearly 19 per cent on Tuesday.

Sources at the airline said all efforts are being made and operations would continue till all options are exhausted. The final call would be taken by the end of the day, they added.

Also watch: Jet Airways: Less than 15 aircraft currently operational

Jet Airways shares, which opened the day on a weak note, further plummeted 18.56 per cent to Rs 213.20 in afternoon trade on the BSE.

The carrier, which was founded more than 25 years ago, has already suspended international operations till April 18.