Kingfisher Airlines hits lower circuit again, down 5 per cent

Kingfisher Airlines saw its shares fall for a third day in a row, dropping near 5 per cent in afternoon trade on the Bombay Stock Exchange (BSE) to hit the lower circuit again.

The Vijay Mallya-owned carrier had on Monday declared a partial lock-out, suspending flight operations till Thursday.

At 2.34 pm, the Kingfisher Airlines scrip was trading 4.89 per cent lower, touching the lower circuit limit of Rs 14.60 on BSE. On the National Stock Exchange too, the stock fell 4.89 per cent to Rs 14.60.

Mallya's Kingfisher is facing labour crisis again, as engineers and pilots struck work on September 28 to protest non-payment of salaries since March.

Kingfisher on Tuesday said it would resume operations in a few days and the backlog of March salary would be given to its employees soon.

The airline has been saddled with a huge loss of Rs 8,000 crore and a debt burden of another over Rs 7,000 crore which it has not serviced since January.

In the broader market, BSE Sensex was trading at 18,855.38, up 31.47 points at 2.34 pm.

With inputs from PTI