Meanwhile, the BSE Sensex was up 15.73 points, or 0.08%, to 19,257.73.
On BSE, 57.60 lakh shares were traded in the counter as against an average daily volume of 62.62 lakh shares in the past one quarter.
The stock hit a low of Rs 14.61 so far during the day. The stock had hit a 52-week high of Rs 30.90 on 7 February 2012. The stock had hit a record low of Rs 7.01 on 13 August 2012.
The stock had outperformed the market over the past one month till 21 December 2012, rising 12.33% compared with the Sensex's 4.23% rise. The scrip had also outperformed the market in past one quarter, gaining 15.93% as against Sensex's 2.61% rise.
The small-cap company has an equity capital of Rs 808.72 crore. Face value per share is Rs 10.
According to reports, Kingfisher Airlines (KFA) chief executive Sanjay Agarwal today, 24 December 2012, met the aviation regulator, the Director General of Civil Aviation (DGCA), and submitted a revival plan for the airline.
Reports suggested that KFA, which has been grounded since October 2012, had recently applied for the renewal of its operating licence. However, the DGCA had rejected the request as the company had not submitted a financial revival plan.
The regulator had suspended KFA's permit in October 2012 following flight disruptions after employees walked out over non-payment of salaries.
The airline's licence is due to expire on 31 December 2012.
After market hours on 12 December 2012, KFA said its board has been deliberating various alternatives to improve the financial position of the company in the best interest of all stakeholders. In this connection, it has been advised that a fresh infusion of capital by a financial or strategic, Indian or non-resident investor is a possible alternative, the company said. The board appreciates that foreign investment (other than investment from NRI) in the company is regulatorily capped at 49%.
With a view to keeping the company's capital structure in readiness for transactions that may be identified in the future for the benefit of all stakeholders of the company, the board has, at its meeting held on 12 December 2012 decided and passed a resolution that with immediate effect and in accordance with the Foreign Exchange Management Act 1999 and the Companies Act, 1956, no FII, Qualified Foreign Investor or other non-strategic foreign investment (excluding investment by NRI) shall be permitted in the company beyond its current level of 3% or such other percentage that the board may decide from time to time under intimation to the stock exchanges. This restriction will be valid till such time as the board may decide from time to time which shall he intimated to the stock exchanges appropriately, Kingfisher Airlines said in a statement.
Appropriate steps are being undertaken to intimate the Reserve Bank of India (RBI) about the board's decision and to seek consequent measures and also to seek any other approvals that may be considered necessary to give full effect to this decision, KFA said.
KFA after trading hours on 11 December 2012, said that the company is currently in discussion with various investors, including Etihad Airways, for equity investments in the company. However, no agreement has been reached either with Etihad or any other airline and the matters are merely at negotiation stages, KFA said. The company issued this clarification after media reports suggested that Etihad Airways is set to buy stake in KFA.
KFA reported a net loss of Rs 753.55 crore in Q2 September 2012, higher than net loss of Rs 468.67 crore in Q2 September 2011. Net sales fell 87.1% to Rs 200 crore in Q2 September 2012 over Q2 September 2011.
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