Jet Airways chairman Naresh Goyal ‘feeling guilty and embarrassed’ about investors losing money

Jet Airways founder chairman Naresh Goyal on Thursday said he felt “guilty and embarrassed” as several shareholders have lost their money following the plunge in the airline’s shares.

“Lots of shareholders have lost money, I feel guilty and embarrassed,” Goyal said while addressing shareholders at the company’s annual general meeting in Mumbai.

From its 52-week high price of Rs 883.65 scaled on January 5, 2018, Jet Airways’ shares have tumbled 67.5 per cent to hit its one-year low of Rs 286.95 in intra-day trading on Thursday. The airlines stock has slumped over 12 per cent since July 2.

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Goyal said a new committee would be set up to improve public perception about the airlines. There has been rising concerns over Jet’s financial health and proposed salary cut for its employees.

The airline’s directors, Naseem Zaidi and Ashok Chawla, would be chairing the meetings of the new executive committee, Goyal said.

The chairman also said that the company is mulling cooperation with Air India in terms of engineering and flight operations. Meetings have been held with Air India Chairman and Managing Director Pradeep Singh Kharola regarding the matter, Goyal added.

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