Kingfisher Airlines crashes on the fears of losing its flying license

Kingfisher Airlines Ltd. | Airlines | Travel & Hospitality | BSE: 532747 | NSE: KFA

20 Mar 2012 Evaluate

Kingfisher Airlines is currently trading at Rs. 19.05, down by 1.05 points or 5.22% from its previous closing of Rs 20.10 on the BSE.

The scrip opened at Rs 19.20 and has touched a high and low of Rs 19.70 and Rs.17.70 respectively. So far 2308672 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 49.25 on 07-Apr-2011 and a 52 week low of Rs 17.55 on 11-Nov-2011.

Last one week high and low of the scrip stood at Rs 22.25 and Rs 17.70 respectively. The current market cap of the company is Rs 1091.75 crore.

The promoters holding in the company stood at 50.51% while Institutions and Non-Institutions held 20.68% and 28.81% respectively.

The beleaguered Kingfisher Airlines may fear the prospects of losing its flying license after the billionaire owner - Vijay Mallya- was summoned up by the Directorate General of Civil Aviation (DGCA) on March 19 to seek an explanation as to why the carrier could not stick to its revised schedule, thereby being asked to present a clear picture of the cash-strapped private carrier.

The DGCA is mulling cancellation of Kingfisher's flying permit ever since the airline on Monday submitted to it the summer flight schedule with 15 to 16 aircraft as against 28 planes submitted last month.

Ailing Kingfisher Airlines was towards the end of February served a show cause notice by the aviation regulator asking why its license should not be suspended as it had made unannounced cancellation. The DGCA had given the airline 15 days to respond, which now have been well lapsed with the airline failing to provide a valid reason for curtailment of their flight schedule.

The debt laden airline not only lacks aircraft, but also lack funds for day-to-day operations. It is failing to meet their flight schedule, causing inconvenience to passengers and also has failed to give salaries to their employees for the past four-five months. Further, struggling to stay afloat, around 60 accounts of Kingfisher Airlines have been frozen by the tax authorities for its failure to pay taxes after levying it from the passengers.

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