Kingfisher stock down 13 pc, hits 52-week low on NSE
Shares of Kingfisher Airlines on Tuesday plunged by about 13 per cent to one year low on the NSE as the company faced prospects of its flying licence being cancelled, with its boss Vijay Mallya being asked by DGCA to present a clear picture of the cash-strapped carrier.
After opening weak, the stock continued the slide and lost 12.93 per cent to hit 52-week low of Rs 17.50 on the NSE.
At the BSE also, selling pressure pulled down the stock and it tanked 11.94 per cent to Rs 17.70.
The scrip later pared some initial losses and was trading at Rs 19.20, down 4.48 per cent at 1010 hours at the BSE.
The Directorate General of Civil Aviation (DGCA) is mulling the cancellation of Kingfisher's flying permit after the airline on Monday submitted to it the summer flight schedule with 15 to 16 aircraft as against 28 planes submitted last month.
The beleaguered airline was served a show cause notice by DGCA towards the end of February asking why its licence should not be suspended as it had made unannounced flight cancellations.
The stock underperformed the bullish broader market, where the BSE benchmark Sensex was trading at 17,404.47, up 131.10 points at 10:10 hours.
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