Jet Airways Ltd’s shares climbed about 8.5 per cent on Tuesday to a near two-month high after founder and chairman Naresh Goyal stepped down and lenders took control of the airline, in an attempt to rescue it from bankruptcy. Banks have moved in to take a majority stake in the airline after Jet failed to convince potential investors, including its largest shareholder Etihad Airways, to save the airline.
Under the rescue plan, Jet’s lenders, led by State Bank of India (SBI), will issue a loan of Rs 15 billion ($218 million) to meet the airline’s obligations and will form an interim management committee to oversee operations.
