Kingfisher stock drops on fear of license cancellation

Posted By:
Subscribe to GoodReturns

Kingfisher stock drops on fear of license cancellation
Shares of Kingfisher Airlines dropped sharply today on reports that the Director General of Civil Aviation (DGCA) may cancel its license.

The Stock was trading at Rs 19.00, down 5.47% on the BSE at 10:45 am. The cancellation of license has arisen as it is believed that the DGCA was unhappy with the frequent flight cancellations of the company. Reports reveal that the company's chairman Vijay Mallya has been asked to reveal the current flight schedule.

Kingfisher Airlines has been constantly in the news as the cash strapped airline has been unable to meet its financial obligations, as well as adhere to schedule.

Over the last few months the company has been faced with cost pressures, which have resulted in its inability to make payments, including salaries.

Most of the airlines in the country have been affected by high aviation turbine fuel and taxes, resulting in them having mounting losses and huge debts on their books.

GoodReturns.in

Read more about: kingfisher airlines, bse
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?