Kingfisher stock up 5% as it submits revival plan to DGCA
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Shares of Kingfisher Airlines today rose 5 per cent to touch the day's highest permissible limit after it submitted revival plan to aviation regulator DGCA in a bid to restart limited operations.
Boosted by the reports of the revival plan, shares of the ailing carrier shot-up by 5 per cent to Rs 15.97 -- its upper circuit limit on the BSE.
At NSE, the stock was up 4.93 per cent at Rs 15.95.
Rally in the stock was in contrast with an overall sluggish stock market, where the BSE 30-scrip index, Sensex, ended at 19,255.09, up 13.09 points.
The cash-strapped airline is yet to pay its staff for seven months now. Mallya told the 17-lender consortium weeks ago that he was preparing to restart limited operations with an estimated fund infusion of Rs 425 crore through internal resources.
Kingfisher, which has a debt of nearly Rs 8,000 crore and accumulated losses and liabilities of a similar amount, has been grounded since October 1, after its pilots and engineers went on strike.
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