Jubilant Food at new low

Jubilant Foodworks is the top loser on the BSE currently, opening over 5.5% higher at Rs.2700 and went on to hit a new 52-week low at Rs.2444.

The stock hit a new low following news of resignation of the company’s CEO and whole-time director Pratik Rashmikant Pota. He will continue in his current role till June 15.

The reason cited - “to pursue opportunities outside Jubilant FoodWorks.”

The resignation of a CEO is usually viewed negatively as a leadership change means it takes the organization a while to once again settle either into the same rhythm or on a new tune. And a CEO change in this atmosphere of challenges is being viewed as a negative currently.