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Shares of Kingfisher Airlines today fell by nearly 5 per cent amid media reports saying its chief executive officer Sanjay Aggarwal has resigned.
Reacting to the buzz, shares of the grounded—carrier tanked 4.86 per cent to Rs 2.74 —— its lower circuit limit on the BSE.
At the NSE, the stock plunged 3.5 per cent to Rs 2.75.
The airline, headed by liquor—baron Vijay Mallya, has not flown since October 2012, after employees went on strike demanding salaries.
The ailing carrier on February 12 reported a net loss of Rs 822.42 crore for the third quarter ended December 31.
The airline had reported a loss of Rs 755.17 crore a year earlier. With planes remaining on the ground, the airline had nil sales in the reporting quarter, similar to zero sales a year ago.
Kingfisher had never reported a profit since starting operations in 2005.
Besides non—payment of salaries, the private carrier is saddled with huge debt and losses. The airline has a debt of over Rs 7,200 crore towards lenders, mainly public sector banks since January 2011.
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