Kingfisher Airlines shares plunge 20 pc on bourses

Kingfisher Airlines shares plunge 20 pc on bourses

Defying the rally in broader market, shares of crisis-ridden Kingfisher Airlines today tumbled by about 20 per cent in morning trade.

After a weak opening, shares of the company slumped 19.54 per cent to a low of Rs 21.40 on the BSE.

Profit booking dragged the company's stock down by 19.88 per cent to Rs 21.35 on the National Stock Exchange.

Later, the shares recovered some ground but were still trading down 9.21 per cent at Rs 24.15 on the BSE at 1100 hrs.

The crisis at debt-ridden airline aggravated yesterday after it cancelled 30 flights, including those to Bangkok, Singapore, Kathmandu and Dhaka, leaving hundreds of passengers stranded at various airports across the country.

It faced further problems with 34 pilots quitting and a large number of staff being put on notice.

Kingfisher top brass today appeared before the aviation regulator DGCA to explain large-scale flight disruption.

Kingfisher has reported losses of Rs 444 crore for the October-December quarter. Meanwhile, in the broader market, the BSE benchmark Sensex was trading with a gain of 112.57 points at 18,401.92 points at 1105 hrs.