Kingfisher Airlines shares plunge 20% on bourses
Mumbai: Defying the rally in broader market, shares of crisis-ridden Kingfisher Airlines on Tuesday tumbled by about 20 percent in early trade.
After a weak opening, shares of the company slumped 19.54 percent to a low of Rs 21.40 on the BSE.
Profit booking dragged the company's stock down by 19.88 percent to Rs 21.35 on the National Stock Exchange.
Later, the shares recovered some ground but were still trading down 9.21 percent at Rs 24.15 on the BSE at 1100 hrs.
The crisis at debt-ridden airline aggravated yesterday after it cancelled 30 flights, including those to Bangkok, Singapore, Kathmandu and Dhaka, leaving hundreds of passengers stranded at various airports across the country.
It faced further problems with 34 pilots quitting and a large number of staff being put on notice.
Kingfisher top brass today appeared before the aviation regulator DGCA to explain large-scale flight disruption.
Kingfisher has reported losses of Rs 444 crore for the October-December quarter.
Meanwhile, in the broader market, the BSE benchmark Sensex was trading with a gain of 112.57 points at 18,401.92 points at 1105 hrs.
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