Kingfisher stock plunges for second day in a row

Shares of Kingfisher plunged once again by 5% today after diving 5% on Wednesday. Investors were concerned over the continuing labour woes, which led to fresh worries over the performance of the company. The shares hit the 5% lower circuit filter and were seen trading at Rs 13.90.

The company it maybe recalled had cancelled all flights on Thursday and there were reports that it was being ordered to submit a revival plan again.

Kingfisher Airlines has been cash strapped for sometime now. The company has been unable to pay salaries and had also defaulted on its debt obligations. Recently, the stock of Kingfisher Airlines had run up sharply following the government's approval of FDI in the aviation business.

However, it is still not confirmed if Kingfisher is in talks with other international airlines to pick a stake in the company. If any deal goes through it would lead to fresh infusion of funds into the cash strapped company.

GoodReturns.in