Kingfisher Airlines dives 5% on flying permit expiry
Shares of Kingfisher Airlines fell as much as 5 percent to touch an intraday low of Rs 14.18 on Tuesday as the airline's flying permit expired yesterday.
January 01, 2013 / 13:00 IST
Shares of Kingfisher Airlines fell as much as 5 percent to touch an intraday low of Rs 14.18 on Tuesday as the airline's flying permit expired yesterday.
But it has received a recertification approval from Directorate General of Civil Aviation (DGCA), which will be valid till December 31, 2013. However, it has only been recertified as a maintenance & engineering training company.Kingfisher Airlines said expiration of its operating licenses, set for Monday, was not a cause for concern as the grounded Indian carrier has two years to renew the license and permits required to fly.It also said (in a statement) that it was "confident" of securing approval from civil aviation regulator to re-start operations and that it was in the process of replying to concerns raised by the regulator. At 12:31 hours IST, the stock declined 3.55 percent to Rs 14.39 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,163.75 crore. (With inputs from Reuters)Also Read
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