Kingfisher Airlines shares hit record low over possible FDI delay

Kingfisher Airlines hit a new record low of Rs 14.25 today over fears that the government's decision to allow FDI in the aviation sector would be delayed.

Kingfisher Airlines was hoping for foreign FDI to keep the airline operations afloat . AP

The troubled airlines whose stock dropped 10.4 percent on Monday, staged a brief recovery to end the day at Rs 16.05. However, the stock still ended 5.03 percent down from Monday's closing price.

The stock plummeted following a minister's comment that the cabinet is unlikely to consider the FDI proposal before the end of May, Reuters reported.

Meanwhile, Kingfisher Airlines Chairman Vijay Mallya told the media today that airline staff had not gone on strike on Saturday and that the Kingfisher crisis has been blown out of proportion.

Kingfisher Airlines has fallen by 65.7% compared to the 12% fall in the Sensex in the last one year.

Mallya's statement comes just two days after news reports emerged that several engineers from the airline had gone on strike because they were still to receive their salaries.

Updated Date: Dec 20, 2014 17:26 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls