Kingfisher Airlines shares reverse 7-day rally, declines 5%
Mumbai: Reversing their seven-day rally, shares of Kingfisher Airlines today fell by 5 percent to hit the lower circuit, in an overall sluggish stock market.
Shares of the company tumbled 4.97 percent to touch the lower circuit of Rs 13.20 on the BSE.
At NSE, the scrip was down 4.69 percent at Rs 13.20.
Kingfisher shares have gained 33.55 percent over the previous seven sessions.
Kingfisher had an over three week impasse with its employees since September 30, who struck work demanding payment of overdue salaries. The strike was followed by a lockout that was partially lifted on October 25.
The company is saddled with a loss of Rs 8,000 crore and a debt burden of an additional over Rs 7,524 crore.
In the broader market, the BSE benchmark Sensex ended at 18,762.87, up 7.42 points.