Kingfisher Airlines stock extends rally, surges 5%
Mumbai: Rising for the fifth straight session, shares of Kingfisher Airlines on Friday gained 5 percent, to touch the highest trading permissible limit for the day, as sentiments continue to remain buoyant after the company said it is in talks with a foreign investor for a potential stake sale.
Shares of Kingfisher surged 4.99 percent to Rs 6.52 -- its upper circuit limit on the BSE.
On the NSE, the scrip gained 4.88 percent to Rs 6.45.
In five trading sessions, the stock has gained nearly 44 percent.
Kingfisher Airlines Chairman Vijay Mallya had said on Tuesday that the carrier is in talks with a foreign investor for potential stake sale.
"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 totalling over Rs 7,000 crore and accumulated losses of more than Rs 16,000 crore.
Meanwhile, the BSE had yesterday lowered the circuit limit for shares of Kingfisher Airlines capping its maximum movement in a day at 5 per cent after a recent rally in the stock.
The change is effective from today.