Jubilant FoodWorks offers drooped more than 8 for each penny to an intraday low of Rs 923 after its CEO and entire time executive Ajay Kaul surrendered from his post. Cheerful FoodWorks works Domino's Pizza and Dunkin' Donuts outlets in India. Mr Kaul will proceed in his present part till March 31.
"Ajay Kaul, CEO and entire time chief, has chosen to venture down… to assess and seek after circumstances outside the Jubilant Bhartia Group," Jubilant FoodWorks said in a recording to the Bombay Stock Exchange yesterday. Investigators expected a negative response from the business sectors to Mr Kaul's way out. Mr Kaul was broadly seen as the engineer of production network in Dominos, Morgan Stanley said.
Prior Ravi Gupta, who was the CFO of Jubilant FoodWorks, had left the organization in May. Credit Suisse said these top level ways out will have negative effect on shares of the organization. In the mean time, Jubilant FoodWorks said it has started the way toward recognizing Mr Kaul's successor. Domino's India head Dev Amritesh is seen as a potential swap for Mr Kaul, said Credit Suisse.
Recently, Jubilant FoodWorks reported a 31 for every penny decrease in standalone net benefit for the April-June quarter at Rs 19 crore, as against a net benefit of Rs 28 crore in the relating time of the last monetary. Starting 9.55 a.m., Jubilant FoodWorks offers exchanged 7.26 for every penny lower at Rs 932.55 contrasted with 0.29 for every penny decrease in the more extensive Nifty.