Meanwhile, the BSE Sensex was down 200.31 points, or 1.29%, to 15,291.04.
On BSE, 6.76 lakh shares were traded in the counter as against an average daily volume of 16.17 lakh shares in the past one quarter.
The stock hit a high of Rs 22.35 and a low of Rs 21.30 so far during the day. The stock had hit a 52-week low of Rs 17.55 on 11 November 2011. The stock had hit a 52-week high of Rs 67.70 on 5 January 2011.
More From This Section
The stock had underperformed the market over the past one month until 16 December 2011, sliding 12.80% compared with the Sensex's 7.66% decline. The scrip had also underperformed the market in past one quarter, falling 15.50% as against 8.52% fall in the Sensex.
The mid-cap air carrier has an equity capital of Rs 497.78 crore. Face value per share is Rs 10.
Separately, some media reports suggested that Kingfisher Airlines (KFA) has grounded 15 aircraft after the company was unable to meet maintenance and overhaul expenses. The aircraft include the wide-bodied A330s used for long hauls, and the company's active fleet has come down to 40 from 69 at the end of 2010, reports suggested.
About 140 pilots have resigned and 11 have left without the loss-making carrier giving them a clearance, reports added.
Cash-strapped KFA, which cut flights and loss-making routes last month, is struggling to raise funds to continue operations and repay debt. The airline's request for additional working capital from its lenders is still pending with the banks.
According to recent reports, KFA had 10 of its bank accounts frozen on 8 December 2011 for non-payment of service tax. The issue was reportedly resolved after Kingfisher made part-payment of Rs 9 crore on 14 December 2011 and chief Vijay Mallya himself gave a written "undertaking" that it will pay the remaining dues by 31 March 2012.
On 9 December 2011, the government reportedly informed Parliament that banks have no plans to carry out a second round of debt restructuring for KFA, which has outstanding loans worth around Rs 6500 crore.
KFA reported net loss of Rs 468.67 crore in Q2 September 2011, higher than net loss of Rs 230.82 crore in Q2 September 2010. Fuel cost surged 70.21% to Rs 816.82 crore.
Net sales rose 10.52% to Rs 1528.16 crore in Q2 September 2011 over Q2 September 2010. in Q2 September 2011 over Q2 September 2010. The result was announced on 15 November 2011.
The company said it was a challenging quarter for the aviation industry. The company said savings on interest and other costs were offset by a steep hike in fuel prices and the weakening of the Indian rupee, which negatively impacted 70% of its cost base.
KFA announced several cost cutting on 15 November 2011 initiatives to help the firm limit losses. The company said that going forward the company retains its commitment to improve operations and maintain its prime standing with consumers. KFA has initiated a large-scale aircraft reconfiguration and transition to the full service model, which would enable a greater number of seats in the air within the current costs and increase the choice of flights for its premium guests. KFA said it is also undertaking several actions to further enhance profitability including network rationalisation, steps to reduce interest cost and a streamlining of existing fleet order.
Powered by Capital Market - Live News