Jubilant Food not exactly jubilant!

Jubilant Foodworks is not exactly jubilant on the bourses today morning. The top loser since the opening bell, the stock tanked over 8% to an intra day low of Rs.923 and now remains some 7% lower.

The market and fund houses are spooked by the exit of whole-time director and CEO of the company, Ajay Kaul. Post its worst ever quarterly performance for April-June, Mr.Kaul has left, which seems like such a typical thing to happen in an American company, where even the best of the CEOs are judged quarter-to-quarter. The resignation of Mr.Kaul has upset the market was he was considered to be the best thing that could have happened for the company and there is now the uncertainty of who will succeed him.

This Domino’s pizza maker had posted a 31% (YoY) decline in net profit with EBITDA margins slipping down to 9.5%, its lowest since FY10.