Shares of Jet Airways Ltd slipped nearly 5% today after CEO-Designate Sanjiv Kapoor quit the bankrupt airline amid the ongoing process of its revival. He joined the airline as the Chief Executive Officer (CEO) in April 2022. Shares of Jet Airways lost 4.95% to Rs 55.83 (fresh 52-week low) in early trade against the previous close of Rs 58.74 on BSE.
Earlier, the stock opened with a loss of 4.66% at Rs 56 today. The stock has lost 36.23% in a year and fallen 20.7% this year. However, in a period of three years, the Jet Airways stock has delivered 190% returns for investors.
Total 0.13 lakh shares of the firm changed hands amounting to a turnover of Rs 7.58 lakh on BSE. The market cap of Jet Airways Ltd fell to Rs 654.89 crore on BSE.
In terms of technicals, the relative strength index (RSI) of Jet Airways stock stands at 37.2, signaling it's trading neither in the overbought zone nor in the oversold zone. Jet Airways stock has a one-year beta of 0.5, indicating low volatility during the period. Jet Airways shares are trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
After Kapoor’s resignation, the airline’s winning bidder Jalan Kalrock consortium said that it is committed to the airline's revival. The resignation of Kapoor comes after a string of senior executives quitting the grounded airline in recent months. Jet Airways shuttered its operations back in April 2019.
Jet Airways went into an insolvency resolution process afterwards and the Jalan Kalrock Consortium (JKC) emerged as the winning bidder. However, the ownership transfer process has been facing headwinds for long. In a statement on Friday, JKC said Kapoor is departing the company effective May 1 at the conclusion of his notice period.
JKC said it remains fully committed to the revival of Jet Airways and its executive committee will oversee CEO-designate responsibilities until a suitable replacement is in place.