Millennium Post

Feeling 'embarrassed' about investors losing money: Jet Airways Chairman

Mumbai: 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 today, 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 today.

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.

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