Shares of India's Jet Airways slumped as much as 7.33 per cent on Tuesday after it said its chief executive Vinay Dube resigned with immediate effect following the announcement of its chief financial officer stepping down.
Mr Dube's departure follows the resignation of chief financial officer and deputy-CEO Amit Agarwal earlier on the same day, with effect on May 13, the grounded carrier said on Tuesday in a statement to the stock exchange.
Both executives resigned because of personal reasons, the debt-strapped carrier said.
Jet Airways, once ranked India's biggest airline by market value, halted operations on April 17 after wrestling with massive debt. It is the second Indian airline after Kingfisher Airlines to ground its entire fleet in the last decade.
The troubled company owes money to its plane lessors, pilots, fuel suppliers and other entities.
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Laura Shapiro
Fourth Estate
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Rating:****
