Kingfisher Airlines scrip today fell about 5 per cent after the company’s meeting with the striking employees failed to resolve the deadlock over unpaid salaries.
Shares of the company opened weak and soon fell 4.76 per cent to touch the lower circuit limit of Rs 12 on the BSE. On the NSE, the scrip plunged 4.78 per cent to Rs 11.95.
The KFA management will be meeting striking pilots and engineers again on Monday to end the three-week imbroglio, indicating the crippled airline will have to extend the lockout for a second time.
The KFA management, led by Chief Executive Sanjay Aggarwal and HR head Hitesh Patel, had yesterday met the representatives of pilots and engineers to iron out issues arising out of seven months of unpaid salaries.
The debt-ridden airline, grounded since the past three weeks, had on October 10 said it would resume operations from October 20.
Kingfisher Airline, launched in May 2005, has never made profit, and has a debt pile of over Rs 8,000 crore, including over Rs 420 crore of tax arrears.