Shares of Kingfisher Airlines today gained as much as 5 per cent to hit the upper circuit limit after the company’s management said it would expedite the payment of October salary ahead of Christmas.
Recouping the losses it suffered in the last few trading sessions, the shares of Kingfisher surged 4.8 per cent to Rs 10.90 on the BSE. On the NSE, the stock rose 4.83 per cent to Rs 10.85.
Later, the stock pared some of the gains and was trading at Rs 10.55, up 1.44 per cent on the BSE. In the last four trading sessions, the stock had lost 17.46 per cent.
The Kingfisher management had yesterday claimed that most of the employees had agreed to resume work from tomorrow.
The airlines employees however, rejected the management’s fresh offer and demanded payment of four months’ backlog in lumpsum before tomorrow.
The beleaguered carrier has not been operating flights since September-end following a strike leading to lockout, and then having its flying licence or scheduled operator’s permit suspended by aviation regulator DGCA.
The staffers are on strike seeking payment of seven months’ salary dues.
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