Jubilant Food shares end over 6% lower as CEO resigns

Shares of Jubilant FoodWorks on Tuesday ended over 6 per cent lower following news that its chief executive officer and whole-time Director Ajay Kaul will resign to pursue opportunities outside the company.

After falling 8.13 per cent to Rs 923.50 in intra-day trade, shares of the company finally ended at Rs 944.15, down 6.08 per cent.

On the National Stock Exchange (NSE), the stock tanked 6.15 per cent to close at Rs 943.75.

The company's market valuation fell by Rs 402 crore to Rs 6,215.98 crore.

In terms of volume, 4.64 lakh shares of the company were traded on the BSE and over 53 lakh shares changed hands at the NSE during the day.

 

"To evaluate and pursue opportunities outside the Jubilant Bhartia Group. Ajay Kaul will continue in his current role till March 31," Jubilant FoodWorks said in a BSE filing on Monday.

Jubilant FoodWorks, which operates Domino's Pizza and Dunkin' Donuts outlets in India, said it has initiated the process of identifying his successor.

Earlier this month, Jubilant FoodWorks reported a 31.09 per cent fall in standalone net profit at Rs 18.99 crore as against a net profit of Rs 27.56 crore in the same period of the previous financial year.