Kingfisher Airlines shares hit record low on bourses
Mumbai: Bucking a bullish broader market, shares of debt-laden carrier Kingfisher Airlines Monday hit a record low, down about 9 percent, on fresh bout of selling by investors.
After starting the day on a sluggish note, shares of the company lost 9.66 percent to hit an all-time low of Rs 14.95 on the BSE.
The stock finally ended the day 8.76 percent lower at Rs 15.10, valuing the company at Rs 872 crore.
About 67.12 lakh Kingfisher shares exchanged hands on the BSE Monday as against its two-week average of 37.24 lakh shares.
At the NSE, Kingfisher scrip closed 7.88 percent lower at Rs 15.20.
At least five Kingfisher flights out of Mumbai and Delhi were cancelled Monday as a section of staff did not report for duty to demand immediate payment of salary and allowance backlog.
In another development, in a letter to the employees dated April 1, promoter Vijay Mallya had said, "I am pleased to advise you that formalities of un-freezing our bank accounts was completed on March 31, following our payment of Rs 44 crore to the Income Tax and Rs 20 crore to the Service Tax authorities.
"My only focus now is to start paying your seriously overdue salaries. All junior staff will be paid before the Easter that is on April 4th. All pilots and engineers will be paid on April 9th and April 10th," Mallya told the employees, who have not been paid since last December.
Kingfisher, which has a debt of USD 1.3 billion, is under pressure from its lenders to inject equity.