Kingfisher Airlines has dipped 4% at Rs 23 on reports that the Service Tax department frozen as many as 40 bank accounts of the company for non-payment of dues to the tune of Rs 40 crore.
This is the fourth time in the past four months that the service tax department has frozen the bank accounts the Vijay Mallya led UB Group company. Late last month, the income tax department had also frozen the bank accounts for not depositing the TDS.
A combined 1.5 million shares have changed hands on the counter so far on both the exchanges. United Spirits, the other UB Group Company too, slipped 6% to Rs 525 on the National Stock Exchange.