Shares of KFA grounded
Shares of Vijay Mallya-promoted Kingfisher Airlines (KFA) closed below their face value on the stock exchanges for the first time, hitting a new low on Monday. On the Bombay Stock Exchange, the stocks closed at Rs 9.94, down 3.8 per cent against its previous close, bringing it below the face value of Rs 10 a share.
Kingfisher, once India’s second largest airliner, is struggling over the last three quarters to remain operational. Burdened with an overall debt of around Rs 7,000 crore, a majority of its aircraft is grounded at the country’s several airports. On top of it, consistent strikes by pilots have made matters worse for the company, which has been unable to pay employees’ salaries for months now.
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