Shares in beleaguered Kingfisher Airlines fell almost 18% on Friday as regards the increase of the cash-strapped airline's ability to raise funds to continue operations.
The carrier whose losses doubled in the September quarter because of high fuel prices, has canceled scores
of flights in recent weeks as it struggles to raise operating capital.
"The fresh infusion of capital in Kingfisher is still uncertain. There is nothing concrete comes from the company, except that the aircraft will continue to be canceled, and the market reacts to that uncertainty," said KK Mital, CEO of portfolio management services at Globe Capital.
The Financial Times reported Kingfisher chairman Vijay Mallya said in an interview that he was close to sealing a $ 370 million deal with an Indian private investor and a consortium of banks that would save the airline.
Mallya said on the social network Twitter that the report was "factually wrong", but he did not elaborate.
Investors, including banks, which has about 24% of the airline, has been worried about Kingfisher's financial stability after it sought additional cushion to ease its debt of 1.4 billion kronor.
On Thursday, ruled the civil aviation minister a public bailout of Kingfisher or any other airline, invite private companies to put their own house in order.
Centre for Asia Pacific Aviation (CAPA) has predicted a record $ 2.5 billion to $ 3 billion loss for Indian Airlines for the year ending March 2012, with state-run Air India alone will probably amount to more than half of it.
Mallya offered little to revive the economy of Kingfisher at a press conference earlier this week.
Officials at the UB Group, which controls Kingfisher, said the airline was talking to an Indian investor to raise funds, but declined to give details.
Kingfisher, which has never reported a profit since becoming a publicly traded company, cut its debt through a restructuring
earlier this year by issuing shares to 14 banks including State Bank of India and ICICI Bank.
The recently revised its business model, do away with its low cost service Kingfisher Red.
Kingfisher shares, valued at $ 245 million, is down more than 60% in 2011. At 11:22 (0552 GMT), were down 6.4% to 23.4 rupees, after falling to 20.55.
"There is talk that FDI may be allowed, and the company may look to sell games, but all that will take time, and shares should remain under pressure until something concrete comes," Mital said.
India allows foreign investment up to 49% in Indian carriers. However, foreign airlines are not allowed to invest directly or indirectly in domestic carriers, a rule that the government has said is probably scrapped.
Kingfisher to close more than a dozen small offices across India and ask some employees to seek jobs over time, as it seeks to cut costs, the Mint newspaper reported Friday citing sources.
A Kingfisher spokesman declined to comment, but denied plans to cut jobs.
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Article Source: - http://www.hindustantimes.com/business-news/Markets/Kingfisher-shares-fall-as-carrier-seeks-funds/Article1-770827.aspx
