Kingfisher pares early losses; settle in green ahead of results
Recovering initial losses, shares of Kingfisher Airlines Wednesday rose by over 2 percent ahead of its second quarter results.
Mumbai: Recovering initial losses, shares of Kingfisher Airlines Wednesday rose by over 2 percent ahead of its second quarter results.
After falling nearly 5 percent during the day, shares of Kingfisher finally ended at Rs 12.83, up 2.23 percent on the BSE.
At NSE, the scrip closed the day 1.59 percent higher at Rs 12.75.
The carrier has been saddled with a loss of Rs 8,000 crore and a debt burden of another over Rs 7,524 crore, a large part of which it has not serviced.
The Directorate General of Civil Aviation (DGCA) had recently suspended the flying licence of Kingfisher following the airline's failure to come up with a viable plan of financial and operational revival.
Kingfisher had said it is working on a comprehensive revival plan which will be given to aviation regulator DGCA in the next few weeks.
Kingfisher is slated to announce its quarterly results later in the day.
Rival Jet Airways had last week reported sharply reduced losses in the September quarter at Rs 99.7 crore against Rs 713 crore last year amid 26 percent growth in operating income and Rs 89.6 crore forex gains.
The Naresh Goyal-owned company had reported a forex loss of Rs 276 crore in the corresponding quarter last year.