On Thursday, Kingfisher Airlines shares fell for the fourth consecutive day, owing to hopes of the company resuming operations fading after the management failed to persuade striking engineers and pilots to return to work.
The company stock fell 4.79 per cent on Thursday, hitting the lower circuit limit of Rs 13.90 on the Bombay Stock Exchange. On the National Stock Exchange, too, the stock plunged 4.79 per cent to Rs 13.90.
Civil Aviation Minister Ajit Singh expressed doubt on whether the carrier, facing a partial lockout, would be able to resume operations from tomorrow.
Kingfisher Airlines chief executive Sanjay Agarwal, along with other senior officials of the company, on Thursday held a meeting with engineers and pilots in Gurgaon to convince them to return to work.
Kingfisher is saddled with a huge loss of Rs 8,000 crore and a debt burden of about Rs 7,000 crore, a large part of which has not been serviced since January. Many of its aircraft have been taken away by lessors, or grounded by the Airports Authority of India for non -payment of dues in the past few months.