Kingfisher Airlines has locked in upper circuit of 5% at Rs 15.97, bouncing back over 9% from intra-day low on reports that the company has submitted a revival plan to the aviation regulator, the Director General of Civil Aviation (DGCA).
“The cash-strapped private airline has sought the DGCA approval for an operating licence,” the media report suggests. The regulator had suspended the airline’s permit in October following flight disruptions after employees walked out over unpaid wages. The airline’s licence was due to expire on December 31.
The stock opened at Rs 15.70 and hit a low of Rs 14.65 on the NSE. A combined 22.18 million shares have already changed hands on the counter and there are pending buy orders for 4.19 million shares on the NSE and BSE.