Kingfisher stock slumps 8% on Q4 net loss

Loss widened three-fold to Rs 1,151.53 cr due to steep hike in fuel prices and sharp depreciation of rupee.

Shares of Kingfisher Airlines tanked as much as 8% to touch a new low in the morning trade after it reported that net loss during the January-March quarter widened to Rs 1,151.53 crore.

Troubled air carrier Kingfisher Airlines' loss widened three-fold to Rs 1,151.53 crore in the fourth quarter of 2011-12 due to steep hike in fuel prices and sharp depreciation of the Indian rupee.

The company had a net loss of Rs 355.55 crore in the March quarter of 2010-11.

Shares of the company opened on a weak note at Rs 10.85, then fell further to an early low of Rs 10.20, down 7.96% from its previous closing price.

 

Similar movement was seen on the National Stock Exchange as well, where the stock after opening at Rs 10.90, fell further by 6.33% to Rs 10.35.

It was later trading at Rs 10.50, down 4.98% on BSE, and at Rs 10.50, lower 4.98% on NSE at 1108 hrs.

Kingfisher Airlines has been facing financial troubles for almost a year now. The airline, which never made a profit since its inception in May 2005, posted a net loss of Rs 2,328 crore in 2011-12 against Rs 1,027.39 crore.