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

Mumbai: Jet Airways Founder Chairman Naresh Goyal on Thursday stated he felt “responsible and embarrassed” as a whole lot of shareholders have misplaced their cash, amid the airline’s shares plummeting on monetary woes.

The inventory of the full-service service has slumped over 12 % since 2 July and in intra-day buying and selling on Thursday, it touched a 52-week low of Rs 286.95 apiece.

Addressing shareholders on the firm’s annual basic assembly right here, Goyal stated competitors, in addition to gas costs, are on the rise.

Jet Airways, non-executive chairman Naresh Goyal. AFP

“Numerous shareholders have misplaced cash, I really feel responsible and embarrassed,” he stated.

From its 52-week excessive worth of Rs 883.65 scaled on 5 January, 2018, shares of the corporate have tumbled 67.5 % to hit its one-year low of Rs 286.95 in intra-day buying and selling on Thursday.

Amid rising issues over the airline’s monetary well being and proposed wage reductions for workers, the Jet Airways Chairman stated a brand new committee could be set as much as enhance public notion and unfavourable publicity about it.

All perceptions concerning the firm shall be corrected by way of a brand new govt committee. The airline’s administrators — Naseem Zaidi and Ashok Chawla — could be chairing the conferences of the brand new govt committee, Goyal stated.

Whereas noting that the airline has a really sturdy codeshare community with companions globally, Goyal stated it is usually taking a look at cooperation with Air India when it comes to engineering and flight operations.

A number of conferences have additionally been held with Air India Chairman and Managing Director Pradeep Singh Kharola, he added.

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