Fresh troubles at Kingfisher Airlines with the ongoing pilot strike and subsequent cancellation saw shares of the company dropping in trade today. The Kingfisher stock was trading lower today, on reports of pilots strike and subsequent cancellation of flights. The Kingfisher Airlines stock was trading lower at Rs 20.95, down 1.64% from its previous close.
The stock has remained under pressure for the last few weeks on account of ongoing problems at the company. While there was a ray of hope for the company through equity stake from foreign companies, nothing seems to have materialised so far.
The company is saddled with huge losses and mounting debt and has been unable to meet its payment obligations. Airline experts believe that the company has been adversely affected by high taxes and aviation turbine fuel. They point out that these rates in India are amongst the highest in the world, which has affected most of the airline stocks.