The Directorate General of Civil Aviation (DGCA) has ordered special surveillance on all Kingfisher Airlines flight following a meeting with the airlines CEO, Sanjay Aggarwal this morning.
The Directorate General of Civil Aviation (DGCA) has ordered special surveillance on all Kingfisher Airlines ' flight following a meeting with the airline's CEO, Sanjay Aggarwal this morning. The airline has in the past few months cancelled around 50 flights and on Sunday, the issue aggravated when the airline, without prior intimation to its passengers cancelled 22 flights.
In the wake of massive KFA flight disruptions, the aviation regulator had summoned Aggarwal seeking an explanation on the entire issue of flight cancellation. “We have asked the airline to submit a revised flight schedule,” said Bharat Bhushan, the DGCA chief.
KFA which is currently operating 38 aircraft of the total 64, has assured the regulator that it will submit a report within 24 hours. “We have not cancelled flights due to pilot shortage,” said Aggarwal referring to media reports that there is a crunch of cockpit crew in the airline.
Meanwhile, shares of the company plunged 20% to 21.40 following news of the DGCA summoning KFA official on flight disruption issue. However, the stock pared some of its initial losses and was down 9%.
Did You Read: Timeline Kingfisher: A slow descent into chaos
Kingfisher Air stock price
On May 25, 2015, Kingfisher Airlines closed at Rs 1.50, down Rs 0.06, or 3.85 percent. The 52-week high of the share was Rs 3.93 and the 52-week low was Rs 1.16.
The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.01.
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