'Guilty and embarrassed': Jet Airways boss sorry for share price erosion Noor Arora
Jet Airways Chairman Naresh Goyal has apologised to shareholders for the losses they suffered because of the sharp erosion in the airline’s share price. Shares of India's second-largest domestic airline hit a 52-week low of Rs 286.95 in intra-day trade on Thursday — it closed at Rs 301.7. On a year-to-date basis, the stock has tanked 63.7 per cent, highest fall among aviation stocks. IndiGo and SpiceJetstocks, meanwhile, were down 11.7 and 38.6 per cent, respectively, during the same period. “A lot of shareholders have lost money. I felt guilty and embarrassed,” Goyal told shareholders after listing out measures for growth and corporate governance at the annual general meeting here on Thursday. Jet launched an IPO in 2005 with an offer price of Rs 1,100 and the stock has been trading below the listing price for the past 12 years. Goyal — facing tough questions from employees for enforcing salary cuts — broke away from his prepared speech at the AGM to list steps to improve the situation at hand. He said a new committee would be set up to improve public perception and negative publicity. He said the board was being strengthened to correct a perception that the airline is a family-run enterprise. He also said former bureaucrat and board member Nasim Zaidi would chair the company's executive committee.
ARTICLE SOURCE: BS