Kingfisher Airlines takes a hit on accounting concerns

The stock slipped to a low of Rs 56 and finally ended at Rs 56, down 1.5% from the previous close. The counter clocked volumes of 3.98 million shares on the BSE.
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(Updated at 1451hrs)

The shares of Kingfisher Airlines are down 0.52% at Rs 56.95 on the BSE this afternoon. The shares had opened at Rs 56.95 and touched an intra-day high of Rs 59.80 and a low of Rs 56.60.  

A recent limited review of the airlines' first quarter results had raised questions about the accounting standards being followed by the airline. Besides other irregularities, tax expense and employee cost were reported 27 per cent and 21 per cent less, respectively.
A limited review of financial results is conducted at the end of each quarter in accordance with the Institute of Chartered Accountants of India norms.