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Kingfisher Airlines shares surge on stake sale rumours

by fwire  Apr 4, 2012 23:45 IST

#markets   #Technology  

MUMBAI (Reuters) - Shares in ailing Kingfisher Airlines(KING.NS) surged 10.4 percent on Wednesday on market rumours that Singapore Airlines(SIAL.SI) would buy a stake, but the world's second largest airline told Reuters it had no such plans.

"We are not in discussion to purchase a stake in Kingfisher Airlines," said a Singapore Airlines spokesman.

Shares in Kingfisher sank to a record low of 14.90 rupees on April 2, as the carrier reels under a mountain of debt, but has surged 11.6 percent on Tuesday and further 10.4 percent on Wednesday on various stake sale rumours.

(Reporting By Abhishek Vishnoi and Manoj Dharra; Additional reporting by Harry Suhartono)