Kingfisher Air down 4% after losing slots at Mumbai Airport

Shares of Kingfisher Airlines slipped 4% to Rs 13.35 after the Mumbai Airport authorities gave away six out of 11 of its slots to Indigo. As per reports, it is learnt that Mumbai International Airport Ltd may give away remaining slots to other carriers in due course of time.

Once the airport slots are given away to other airlines, it will be difficult for the defunct carrier to resume flights once its revival plan is approved by the Directorate General of Civil Aviation.

Simultaneously, even the Airports Authority of India (AAI) has warned KFA that it will start taking away space allotted to it across airports if it fails to submit a concrete revival plan by mid-January.

The airline stopped operations from September last year following a strike by pilots on delayed salaries since March Subsequently, the DGCA suspended the licence of the airline.

However in a plan submitted to the authorities recently, KFA has said it will resume operations by March with seven planes, moving up to 21 in four months, with a fund infusion from parent UB Group.