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Kingfisher shares plunge on funding concerns
Kingfisher shares plunge on funding concerns
MUMBAI (Reuters) - Shares in cash-strapped Kingfisher Airlines fell nearly 18 percent on Friday, giving up gains in recent sessions as the carrier struggles to tie up funds to continue operations.
On Thursday, the civil aviation minister ruled out a public bailout for Kingfisher or any other airline, urging private airlines in India to put their own house in order.
Earlier this week, Kingfisher said its net loss for the September quarter doubled but Chairman Vijay Mallya offered little to revive its finances. It had also said it had been approached by strategic investors.
The firm's shares fell to 20.55 rupees, taking losses so far this year to more than 67 percent, in early trades in a weak Mumbai market.
(Reporting by Aniruddha Basu; Editing by Aradhana Aravindan)
Source: http://www.moneycontrol.com/news/wire-news/kingfisher-shares-plungefunding-concerns_620068.html
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