CEO's resignation puts Jubilant Foodworks under pressure
DSIJ Intelligence / 20 Sep 2016
Jubilant Foodworks has come under pressure after its CEO cum director, Ajay Kaul resigned. The resignation has put the scrip of the company under pressure, which on September 20 has opened over 5 per cent down from its previous close. The scrip of the company as at 9.57 am is trading at Rs 934.95, down by 7 per cent.
Jubilant Foodworks has come under pressure after its CEO cum director, Ajay Kaul resigned. The resignation has put the scrip of the company under pressure, which on September 20 has opened over 5 per cent down from its previous close. The scrip of the company as at 9.57 am is trading at Rs 934.95, down by 7 per cent.
The resignation of its CEO comes at a time when the company has posted the worst quarterly performance since its listing. Net profits of the company in Q1FY17 stand at Rs 19 crores, which have fallen by 31 per cent as compared to Q1FY16. Sales of the company have grown by 6.69 per cent and stand at Rs 608.76 crores in Q1FY17.
On the other hand, company on September 19 informed the bourses that it has accepted the resignation and has also approved employee stock option scheme 2016, subject to shareholders’ approval. The Board also has approved payment of commission to its non-executive director, which is also subject to shareholders' approval.
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