For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Kingfisher Airlines slumps as lenders decide to recall loans

|
Kingfisher Airlines slumps as lenders to recall loans
Kingfisher Airlines: Quotes, News
BSE 1.3600000143051147BSE Quote0 (0.00%)
NSE 1.2999999523162842NSE Quote0 (0.00%)
Shares of the Kingfisher Airlines slumped on Wednesday after the lenders decided to recall the loans.
 

Cash-ridden Airlines will possible have to shut if the saga continues. Total seventeen banks have an exposure of Rs 7,000 crore to Kingfisher Airlines.

"They have not been able to come up with a plan. The consortium thought we cannot give them more time and we have decided to recall the loan. The recommendation will go to the Board...each bank will go to their respective boards and a notice will be served to Kingfisher Airlines following which there will be a legal recourse," Shymal Acharya, deputy managing director (mid-corporates) of SBI said.

Banks had to consider this drastic step as the airline's management could not come up with any credible revival plan. Its flying licence has been cancelled since January 1, 2013. It stopped flying since October 1, 2012, following a strike, reports PTI.

Shares of the company recovered a bit and was seen trading at Rs 11.08, lower by 0.45% on BSE at 10.30 am IST.

GoodReturns.in

Read more about: kingfisher airlines loans sbi
Story first published: Wednesday, February 13, 2013, 10:34 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more