Kingfisher down 4% on failed salary promise to employees
Shares of Kingfisher Airlines declined around 4% to Rs 14.26 after its employees said that they will taken action after November 17, if the company does not pay them their pending salaries.
Shares of Kingfisher Airlines declined around 4% to Rs 14.26 after its employees said that they will taken action after November 17, if the company does not pay them their pending salaries, as promised earlier.
"Around 3,000 employees of the company were left in the dark on Diwali after the management failed to pay their May salary, despite its commitment that their dues will be cleared by the festival. "3,000 employees got a Diwali gift from chairman Vijay Mallya in the form of no salary despite his commitment," airline sources told PTI.
"It is a dark Diwali for us. The management has once again failed to keep its commitment on payment of salary dues. We did not receive salaries in our account till late last night, although the management had made tall claims of clearing our dues by the festival," the sources said. The airline, which is grounded since October 1 after its engineers and pilots went on strike demanding payment of their salary dues, has not paid its employees since May this year.
Meanwhile, lenders to the company have also said that they can support it, only if it raises funds to keep the airline afloat. The firm has been asked by the Directorate General of Civil Aviation to present a comprehensive revival plan by December.