Shares in Kingfisher Airlines dropped sharply on Wednesday, after slumping nearly 5 per cent in each of the previous two sessions. The debt-laden carrier cancelled all flights through Thursday because of labour unrest and has been asked to submit a revival plan before it can fly again.
Kingfisher shares closed 4.9 per cent lower at Rs 14.60, down almost by its daily limit move of 5 per cent. Last week, the BSE had halved its circuit limits on shares of Kingfisher Airlines, capping the maximum movement in a day at 5 per cent following a sharp rally in the share prices of Kingfisher Airlines in the past few days.
The airline has been saddled with bank loans of more than Rs. 7,000 crore from 17 banks, which it has not serviced since January, and has accumulated losses of around Rs. 8,000 crore. The company is in talks with domestic and private investors, including private equity firms, for a fund infusion, chairman Vijay Mallya has said.
Lenders have asked Mr Mallya to come up with concrete plans for restarting the airline’s operations.
Meanwhile, other UB Group stocks continued to be in focus. Shares in United Spirits hit their 52-week high today, but closed off the day's high over the possibility of a deal with Diageo. UB Group Holding closed 5 per cent higher on the BSE.
Shares in Kingfisher Airlines dropped sharply on Wednesday, after slumping nearly 5 per cent in each of the previous two sessions. The debt-laden carrier cancelled all flights through Thursday because of labour unrest and has been asked to submit a revival plan before it can fly again.
Kingfisher shares closed 4.9 per cent lower at Rs 14.60, down almost by its daily limit move of 5 per cent. Last week, the BSE had halved its circuit limits on shares of Kingfisher Airlines, capping the maximum movement in a day at 5 per cent following a sharp rally in the share prices of Kingfisher Airlines in the past few days.
The airline has been saddled with bank loans of more than Rs. 7,000 crore from 17 banks, which it has not serviced since January, and has accumulated losses of around Rs. 8,000 crore. The company is in talks with domestic and private investors, including private equity firms, for a fund infusion, chairman Vijay Mallya has said.
Lenders have asked Mr Mallya to come up with concrete plans for restarting the airline’s operations.
Meanwhile, other UB Group stocks continued to be in focus. Shares in United Spirits hit their 52-week high today, but closed off the day's high over the possibility of a deal with Diageo. UB Group Holding closed 5 per cent higher on the BSE.
Shares in Kingfisher Airlines dropped sharply on Wednesday, after slumping nearly 5 per cent in each of the previous two sessions. The debt-laden carrier cancelled all flights through Thursday because of labour unrest and has been asked to submit a revival plan before it can fly again.
Kingfisher shares closed 4.9 per cent lower at Rs 14.60, down almost by its daily limit move of 5 per cent. Last week, the BSE had halved its circuit limits on shares of Kingfisher Airlines, capping the maximum movement in a day at 5 per cent following a sharp rally in the share prices of Kingfisher Airlines in the past few days.
The airline has been saddled with bank loans of more than Rs. 7,000 crore from 17 banks, which it has not serviced since January, and has accumulated losses of around Rs. 8,000 crore. The company is in talks with domestic and private investors, including private equity firms, for a fund infusion, chairman Vijay Mallya has said.
Lenders have asked Mr Mallya to come up with concrete plans for restarting the airline’s operations.
Meanwhile, other UB Group stocks continued to be in focus. Shares in United Spirits hit their 52-week high today, but closed off the day's high over the possibility of a deal with Diageo. UB Group Holding closed 5 per cent higher on the BSE.
With inputs from agencies
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