The stock of Kingfisher Airlines rallied smartly today, amidst short covering and unconfirmed reports that the pilots are unlikely to go on strike.
The shares of the company were traded at Rs 16.80, on the BSE at 11.42 am. It may be recalled that the pilots at the company had decided to call a strike with effect from April 3, 2012 to protest salary delays.
Kingfisher Airlines has been cash strapped for months now and had to suspend a number of flights. The company has also defaulted on its financial obligations, as poor performance continue to weigh on the company.
Indian airline companies have been passing through a difficult phase as aviation turbine fuel leads to higher costs and mounting losses.
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