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.