Kingfisher Airlines shares surge 10%
Mumbai: Rising for the second straight session, Kingfisher Airlines shares Wednesday gained nearly 10 percent to touch its highest trading permissible limit for the day, after its Chairman Vijay Mallya said the company is in talks with a foreign investor for potential stake sale.
Shares of Kingfisher climbed 9.92 percent to Rs 5.65 -- its upper circuit limit at the BSE.
At the NSE, the stock surged 9.8 percent to hit an upper limit of Rs 5.60.
In the previous session, KFA stock had rallied nearly 10 percent.
Kingfisher Airlines Chairman Vijay Mallya had said yesterday that the carrier is in talks with a foreign investor for potential stake sale, its
"I expect this to take some form or shape in about 90 days. That is in my own estimate. It could be longer or it could be even earlier," Mallya had said.
Kingfisher Airlines has remained grounded for almost a year now under the burden of huge debts totaling over Rs 7,000 crore and accumulated losses of more than Rs 16,000 crore.
Meanwhile, buying was also seen in other Mallya group stocks, with United Breweries Holdings Limited (UBHL) surging 4.26 percent and United Breweries Ltd rising by 0.52 percent on the BSE.
The broader marker was, however weak, with the BSE benchmark Sensex losing 63.97 points to close the day at 19,856.24.