Kingfisher down 5 pc; falls for fourth straight day
Posted on: 12:10 PM IST Oct 04, 2012
Mumbai: Falling for the fourth straight day, shares of Kingfisher Airlines were down about 5 per cent as hopes of the ailing company resuming operations faded on Thursday with management failing to persuade striking engineers and pilots to return to work. The scrip tanked 4.79 per cent to hit the lower circuit limit of Rs 13.90 on the BSE. At the NSE, the stock plunged 4.79 per cent to Rs 13.90.
Civil Aviation Minister Ajit Singh also expressed doubts whether the carrier, facing a partial lockout, will be able to fly from on Friday. Kingfisher Airline CEO Sanjay Agarwal and other top officials of the carrier held a meeting with engineers and pilots in Gurgaon today to convince them to join duty.
Kingfisher is saddled with a huge loss of Rs 8,000 crore and a debt burden of another over Rs 7,000 crore, a large part of which has not serviced since January. Several of its aircraft have been either taken away by lessors or grounded by the Airports Authority of India for non-payment of dues during the past few months.