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Jet CEO Vinay Dube meets Arun Jaitley, says 'we have been assured of open and transparent bid process'

File photo of Jet Airways aircraft is seen parked at the Chhatrapati Shivaji Maharaj International Airport in Mumbai, India. Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Apr 20, 2019, 08.44 PM (IST)

Jet Airways CEO Vinay Dube on Saturday informed the media he, along with his staff, met Finance Minister Arun Jaitley at his residence and requested him "to have an open and transparent bid process," news agency ANI reported.  

Dube added that Jaitley assured them and that there were four parties interested in Jet Airways. 

"We met Finance Minister Arun Jaitley and presented our case. We requested him to have an open and transparent bid process, he assured us of that and also told us that as part of an expression of interest that there were 4 parties that were interested in Jet Airways," Dube told reporters today evening in New Delhi. 

Jet Airways, earlier in the week, shuttered its operations temporarily owing to lenders deciding not to extend any emergency funds.

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Shares of Jet Airways continued to fall for the second day in a row on Thursday, plummeting over 32 per cent. 

The scrip tanked 32.23 per cent to close at Rs 163.90 on the BSE. Intra-day, it plunged 34.62 per cent to Rs 158.10 -- 52-week low.

On the National Stock Exchange (NSE), shares sank 31 per cent to close at Rs 165.75 apiece.

Stock markets were closed on Wednesday and Friday. 

Meanwhile, in a statement early Thursday, Jet Airways' lenders said they were reasonably hopeful of a successful bidding process for a stake sale.

Jet had been on a decline in the past few months as competition from budget airlines hurt its profitability and led to a debt pile. It reported losses for four straight quarters despite sales holding up.