Kingfisher shares tank 13% as lessors take back 34 planes

June 27, 2012 03:26 pm | Updated 03:26 pm IST - Mumbai

Shares of Kingfisher Airlines on Wednesday tumbled over 13 per cent following reports that lessors have taken back 34 aircraft due to non-payment of lease rentals.

Despite positive opening, shares of the company lost ground as the trade progressed and plunged 13.47 per cent to Rs 11.62 on the BSE.

Similarly, on the National Stock Exchange (NSE), the stock tanked 13.05 per cent to Rs 11.65.

On the volume front, 83.94 lakh shares of the company were traded on the BSE, while more than two crore shares changed hands on the NSE.

As per news reports, lessors have taken back as many as 34 aircraft from Kingfisher between March and June, owing to non-payment of lease rentals of around Rs 1,000 crore.

The airline, however, said it has returned these aircraft voluntarily and that no aircraft was taken back by lessors by “force“.

The Vijay Mallya-promoted airline, which is sitting on a debt pile of over Rs 7,500 crore, had reported a loss of 1,151.5 crore for the quarter ending March.

Top News Today


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.