Kingfisher Airlines dips as talks between management-staff fail

A combined 3.8 million shares have changed hands so far

Kingfisher Airlines has hit the lower circuit filter of 5% at Rs 12 on the Bombay Stock Exchange after the company said that a meeting with the striking employees and the management failed to reach an agreement to re-start flights. The stock had appreciated 9% in past two trading session.

“Kingfisher Airlines, which has been grounded since September 29, on Wednesday said it will have to extend the October 20 deadline it had set for itself to resume operations, as a meeting with the striking employees today failed to resolve the deadlock,” the Reuters report suggests. Meanwhile, another media report suggests that the civil aviation regulator rejected the winter schedule of the troubled Kingfisher Airlines and said that the airline's license could be cancelled.

The stock opened at Rs 12.40 and has seen a combined 3.8 million shares changing hands on the counter in morning trades. There are pending sell orders for 5.9 million shares on the BSE and NSE.