Kingfisher Airlines slips below face value, hits new low

The stock have more than halved so far in 2012, from Rs 21.05, compared to 11% rise in the Sensex

Kingfisher Airlines has dipped almost 5% at Rs 9.85, falling below its face value of Rs 10. The stock is currently trading at a record low on the Bombay Stock Exchange, after a large number of its employees went on a strike from Saturday, leading to cancellation of over 40 flights.

The stock has more than halved in 2012 so far, from Rs 21.05, compared to an 11% rise in the benchmark Sensex, after its share in the Indian airline market fell to the lowest in April. In October last year, the airline had the second-biggest market share.

According to PTI reports, a section of Kingfisher Airlines pilots are contemplating dragging the management to the labour court on the issue of payment of salary dues.

The debt-ridden airline has paid February salaries to around 75% of the staff, while the rest are yet to get their dues, the report added. 

As many as 20.39 million shares have changed hands on the counter so far on both the exchanges.