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Feeling guilty as shareholders losing money: Jet Airways chairman Naresh Goyal

Stock of the full service carrier has slumped over 12 per cent since July 2 and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95 apiece.

business Updated: Aug 09, 2018 23:29 IST
Press Trust of India
Press Trust of India
Press Trust of India
Jet Airways,Jet Airways chairman Naresh Goyal,Naresh Goyal
Jet Airways chairman Naresh Goyal during a press conference in November 2017. Jet Airways founder chairman Naresh Goyal on Thursday said he felt “guilty and embarrassed” as a lot of shareholders have lost their money, amid the airline’s shares plummeting on financial woes.(AP Photo )

Jet Airways founder chairman Naresh Goyal on Thursday said he felt “guilty and embarrassed” as a lot of shareholders have lost their money, amid the airline’s shares plummeting on financial woes.

Stock of the full service carrier has slumped over 12 per cent since July 2 and in intra-day trading on Thursday, it touched a 52-week low of Rs 286.95 apiece.

Addressing shareholders at the company’s annual general meeting here, Goyal said competition as well as fuel prices are on the rise.

“Lots of shareholders have lost money, I feel guilty and embarrassed,” he said.

From its 52-week high price of Rs 883.65 scaled on January 5, 2018, shares of the company have tumbled 67.5 per cent to hit its one-year low of Rs 286.95 in intra-day trading on Thursday.

Amid rising concerns over the airline’s financial health and proposed salary reductions for employees, the Jet Airways Chairman said a new committee would be set up to improve public perception and negative publicity about it.

All perceptions about the company will be corrected through a new executive committee. The airline’s directors – Naseem Zaidi and Ashok Chawla – would be chairing the meetings of the new executive committee, Goyal said.

While noting that the airline has a very strong code share network with partners globally, Goyal said it is also looking at cooperation with Air India in terms of engineering and flight operations.

Several meetings have also been held with Air India chairman and managing director Pradeep Singh Kharola, he added.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

First Published: Aug 09, 2018 23:29 IST