Jet Airways shares fell as much as seven per cent after key management exits on Tuesday, while shares of rivals SpiceJet rose as much as 10 per cent and IndiGo owner Interglobe Aviation up four per cent.
The debt-ridden Jet's troubles present opportunities to rivals, who are rushing to fill supply gaps.
Jet's market share fell from 19 per cent in 2016 to 10.3 per cent in 2019 before it ceased operations, according to CARE Ratings.
On international routes, Jet Airways had close to one-third share among domestic airlines and 13.8 per cent among all carriers, the credit rating agency said.
SpiceJet pledged to add 27 planes last month. This includes adding 24 new flights to New Delhi-Mumbai route.
The rivals have also moved to hire Jet's employees, who are disgruntled after going for months without pay.