Despite the challenging times, foreign institutional investors have increased their holdings in the debt-ridden Kingfisher Airlines to 2.46 per cent as at end-September 2012 from 0.98 per cent in the quarter ending June 2012.
Two FIIs bought 1.2 crore shares in the company this quarter, according to shareholding pattern as at end September available with the BSE. The number of FIIs holding stake in the company stands at 17.
It is not FIIs alone. Kingfisher Airlines attracted over 26,000 small investors, whose stake increased to 17.59 per cent as at end-September from 13.04 per cent in the June quarter.
Meanwhile, the stock hit the lower circuit once again on Monday. It closed at Rs 10.90, down 4.80 per cent from the previous close on the BSE.
“If the promoters don’t find a solution to convince employees to resume work, the company is going to be in even more trouble. The stock will continue to spiral downwards, if there is no positive news,” said Sharan Lilaney, analyst, Angel Broking.
The Kingfisher stock has been hitting the lower circuit the last few days. Over the last month, the stock has fallen almost 17 per cent from Rs 13.12.
The promoters marginally reduced their stake to 35.83 per cent as of end-September from 35.86 per cent in the previous quarter.
Domestic institutional investors also brought their stake down to 13.15 per cent from 13.21 per cent.