Jet Airways has decided not to participate in the bid for a stake in Air India, further denting the divestment process. The move comes four days after IndiGo's decision to back out of bidding. While Jet Airways had never formally announced its interest in Air India, the management had held discussions with its alliance partners Air France-KLM, Delta, and other investors to put up a proposal. But the airline has now decided to call off its efforts.