Kingfisher stocks plunge 20 percent but pull up in noon trade
February 21st, 2012 - 3:45 pm ICT by IANSNew Delhi, Feb 21 (IANS) Shares of beleaguered Kingfisher Airlines which fell nearly 20 percent in early trade Tuesday managed to pull up by 7 percent in afternoon trade even as the airline’s chief executive met the regulator over the huge number of flight-cancellations.
Ruling out any punitive action against the airline at this point of time, the Director General of Civil Aviation said it does not want the customers to be affected and, therefore, has asked the airline to come up with a revised schedule not later by tomorrow (Wednesday).
At the Bombay Stock Exchange, the shares of the airline were 7.33 percent lower to trade at Rs.24.65 around 1.40 p.m.
Kingfisher has virtually shut down its flights from Kolkata and brought down frequencies on several of its sectors, rendering many passengers stranded or opting for other carriers in spite of the last minute tickets costing a lot more.
On being asked about the airline’s inability to pay its staff, DGCA E.K. Bharat Bhushan said: “I have been assured by the management that the December salaries will be paid by the end of February and by March 20 they will be able to clear the salary and arrears of January.”
Kingfisher, on its part, said it hoped to increase the number of flights in the next few days.
“Most of the flights cancelled in the last few days will be in action in next four to five days,” said Sanjay Aggarwal, chief executive of the Vijay Mallya-promoted carrier.
- Regulator reviews situation, asks Kingfisher for revised schedule - Feb 21, 2012
- As fliers suffer, Kingfisher asked to furnish revised schedule (Roundup) - Feb 21, 2012
- No airline faces closure, will ensure safety: Watchdog - Jan 05, 2012
- No airline faces closure, will ensure safety: Watchdog (Lead) - Jan 05, 2012
- Kingfisher 1,000 percent safe: Mallya - Jan 07, 2012
- No international operations until transaction suspension revoked: Mallya - Mar 21, 2012
- Mallya summoned by DGCA to explain Kingfisher status - Mar 19, 2012
- More Kingfisher flights hit, government rules out bailout (Roundup) - Feb 20, 2012
- Kingfisher Airlines CEO summoned to explain cancellations - Feb 20, 2012
- Kingfisher's firm operating schedule in a few days: Mallya - Mar 15, 2012
- Kingfisher cancels 20 flights, passengers take the hit - Feb 22, 2012
- Kingfisher's market share falls to fifth place in November - Dec 22, 2011
- Airlines advised not to hike fares: DGCA - May 11, 2012
- Government awaiting DGCA report on Kingfisher: Ajit Singh - Mar 21, 2012
- No government bailout for Kingfisher: Ajit Singh (Lead) - Feb 20, 2012
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