Jubilant FoodWorks' shares plunge over 8% as CEO resigns

Shares of Jubilant FoodWorks on Tuesday plunged over 8% following news that its CEO and Whole-time Director Ajay Kaul will resign to pursue opportunities outside the company.

The stock after a weak opening further lost 8.13% to Rs 923.50 on BSE. On NSE, it slumped 8.2% to Rs 923.05.

"Ajay Kaul, Chief Executive Officer and Whole-Time Director, has decided to step down... 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 yesterday.

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% 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 fiscal.