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Mumbai: According to sources, Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline.

Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending international operations.

Civil Aviation Minister Suresh Prabhu had called for a review of issues related to struggling airlines, including rising fares and flight cancellations.

Prabhu has also asked Civil Aviation Secretary Pradeep Singh Kharola to take necessary steps to protect the rights and safety of passengers.

On Monday, lenders did not take a final decision on providing emergency funds to the cash-strapped carrier.

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.

Shares of Jet Airways plunged nearly 19 per cent on Tuesday amid reports that the company is likely to temporarily shut down its operations.

The scrip which had opened the day on a weak note further plummeted 18.56 per cent to Rs 213.20 on BSE during the afternoon trade. At NSE, shares cracked 18.53 per cent to Rs 213.20.

The BSE has sought clarification from Jet Airways (India) Ltd with reference to news that it is likely to temporarily shut down its operations.

Last month, Goyal and his wife Anita Goyal stepped down from the board of the airline, which has more than Rs 8,000 crore debt.
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