Feeling 'embarrassed' about investors losing money, says Jet Airways chairman Naresh Goyal

From its 52-week high price of Rs 883.65 scaled on 5 January, 2018, shares of Naresh Goyal-promoted Jet Airways have tumbled 67.5 percent to hit its one-year low of Rs 286.95 in intra-day trading on Thursday

Press Trust of India August 09, 2018 18:06:58 IST
Feeling 'embarrassed' about investors losing money, says Jet Airways chairman Naresh Goyal

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.

The stock of the full-service carrier has slumped over 12 percent since 2 July 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.

Feeling embarrassed about investors losing money says Jet Airways chairman Naresh Goyal

Jet Airways, non-executive chairman Naresh Goyal. AFP

"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 5 January, 2018, shares of the company have tumbled 67.5 percent 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 codeshare 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.

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