Jet Airways Chairman Naresh Goyal.
Jet Airways Chairman Naresh Goyal.

‘Embarrassed’ about Jet investors losing money: Naresh Goyal

From a 52-week high of 883.65 on 5 January 2018, Jet Airways shares tumbled 67.5% to a one-year low of 286.95 during intraday trading today

Mumbai: Jet Airways (India) Ltd chairman Naresh Goyal today said he felt “guilty and embarrassed" since a lot of shareholders had lost their money, amid the airline’s shares plummeting on financial woes. The stock of the full-service carrier has slumped over 12% since 2 July and touched a 52-week-low of 286.95 intraday on Thursday.

Addressing shareholders at the company’s annual general meeting, Goyal said competition as well as fuel prices were on the rise. “Lots of shareholders have lost money, I feel guilty and embarrassed," he said.

From a 52-week high of 883.65 on 5 January 2018, Jet Airways shares tumbled 67.5% to a one-year low of 286.95 during intraday trading today

Amid rising concerns over the airline’s financial health and proposed salary reductions for employees, Goyal said a new committee would be set up to improve public perception and negative publicity about the same. All perceptions about the company will be corrected through a new executive committee.

The airline’s directors, Naseem Zaidi and Ashok Chawla, will chair the meetings of the new executive committee, Goyal said. While noting that the airline had a very strong code-share network with partners globally, Goyal said it was also looking at cooperation with Air India in terms of engineering and flight operations. Several meetings had already taken place with Air India chairman and managing director Pradeep Singh Kharola, he added.

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