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Jubilant FoodWorks shares plunge over 6% as CEO Ajay Kaul resigns

Jubilant FoodWorks shares dipped over 6 per cent on Tuesday after the operator of Dunkin Donuts and Domino's Pizza chains in India accepted resignation of Ajay Kaul as CEO-cum-whole time director.

By: | New Delhi | Updated: September 20, 2016 4:27 PM
Jubilant Foodworks, bse sensex, nse nifty Jubilant FoodWorks shares dipped over 6 per cent on Tuesday after the operator of Dunkin Donuts and Domino’s Pizza chains in India accepted resignation of Ajay Kaul as CEO-cum-whole time director. (Photo: Reuters)

Jubilant FoodWorks shares dipped over 6 per cent on Tuesday after the operator of Dunkin Donuts and Domino’s Pizza chains in India accepted resignation of Ajay Kaul as CEO-cum-whole time director. Shares of the company closed 6.08 per cent down at Rs 944.15. The scrip opened the day at Rs 950 and touched a high and low of Rs 950 and Rs 923.50, respectively, in trade.

Earlier this month, the company reported 31.09 per cent fall in net profit at Rs 19 crore for the quarter ended June 30, 2016 against Rs 27.57 crore in the same quarter last year. Net sales of the company grew by 6.69 per cent year-on-year to Rs 608.77 crore for the quarter under review against Rs 570.59 crore in the same quarter last year.

“Ajay Kaul was widely perceived as the architect of the strong supply chain and operational excellence, which is the basis of Domino’s 30 mins-or-free guaranteed home delivery,” Morgan Stanley analysts write. Kaul will continue in his role till March 31, 2017. He was

In the past one year, shares of the company have fallen nearly 37 per cent to Rs 1005.25 till September 19, whereas BSE Sensex jumped 9.3 per cent during the same period.

Shyam S Bhartia, chairman and director and Hari S Bhartia, co-chairman and director in a release said, “We would like to thank Ajay for his dedicated efforts and significant contribution through his tenure spanning over 11 years with the company.” The company has also initiated the process of identifying his successor.

(With agency inputs)

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