Kingfisher Airlines tanks 5%; hits lower circuit
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Kingfisher Airlines tanks 5%; hits lower circuit

Last Updated: Wednesday, October 03, 2012, 11:28
 
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Kingfisher Airlines tanks 5%; hits lower circuit
Mumbai: Falling for third day in a row Wednesday, shares of Kingfisher Airlines plunged about 5 percent after the company declared a partial lock-out, suspending flight operations till tomorrow.

Soon after the opening trade, the scrip tanked 4.89 percent to touch the lower circuit limit of Rs 14.60 on the BSE.

At the NSE too, the stock fell by 4.89 percent to Rs 14.60.

The airline had declared a partial lockout on Monday night, grounding all its flights, after its engineers and pilots struck work on Friday to protest non-payment of salaries since March.

Meanwhile, Kingfisher had yesterday said it would resume operations in a few days and the backlog of March salary would be given to its employees soon.

Kingfisher has been saddled with a huge loss of Rs 8,000 crore and a debt burden of another over Rs 7,000 crore which it has not serviced since January.

In the broader market, the BSE benchmark Sensex was trading at 18,876.28, up 52.37 points.

PTI



First Published: Wednesday, October 03, 2012, 11:24


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