Kingfisher shares plunge on buzz of CEO's resignation

Shares of Kingfisher Airlines today fell by nearly 5 per cent amid reports saying its chief executive officer Sanjay Aggarwal has resigned.

Reacting to the buzz, shares of the grounded-carrier fell 4.86 per cent to Rs 2.74 - its lower circuit limit on the BSE.

At the NSE, the stock plunged 3.5 per cent to Rs 2.75. The airline, headed by liquor-baron Vijay Mallya, has been grounded since October 2012, after employees went on strike demanding salaries.

The ailing carrier on February 12 reported a net loss of Rs 822.42 crore for the third quarter ended December 31.

Kingfisher had never reported a profit since starting operations in 2005.

Besides non-payment of salaries, the private carrier is saddled with huge debt and losses. The airline has a debt of over Rs 7,200 crore towards lenders, mainly public sector banks.