Kingfisher down over 2% as its flying permit expires on Monday
Mumbai: Shares of Kingfisher Airlines fell by over 2 percent as its flying permit, which has been suspended by aviation regulator DGCA, expires on Monday.
After falling over 3 percent during the day, shares of the company finally ended at Rs 14.92, down 2.36 percent from its previous close on the BSE.
At NSE, the scrip settled 2.62 percent lower at Rs 14.85.
The beleaguered carrier has submitted a revival plan to the Directorate General of Civil Aviation (DGCA), which has asked for more details regarding how it would fund the plan, given the precarious financial situation the company is in.
The company's Scheduled Operator's Permit (SOP) was suspended on October 20, capping three weeks of lockout in the cash-strapped carrier preceded by a strike by its employees demanding payment of salaries.
Kingfisher is saddled with a loss of Rs 8,000 crore and a debt burden of another over Rs 7,524 crore.
It was issued an airline licence on August 26, 2003, which was actually in the name of Air Deccan that was bought over by the liquor baron Vijay Mallya-owned carrier. This licence is valid till today.