India's Kingfisher shares slide on grounded flights
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Kingfisher Airlines jets parked at the Indira Gandhi international airport in New Delhi, India on Tuesday, Oct 2, 2012. Kingfisher Airlines grounded flights for at least three days after a violent strike over unpaid wages at the cash-strapped Indian carrier. -- PHOTO: AP
MUMBAI (AFP) - Shares of India's ailing Kingfisher Airlines slid nearly five per cent on Wednesday as all of its flights remained cancelled for a third straight day amid mounting fears for the carrier's survival.
Kingfisher shares slumped 4.89 per cent to 14.6 rupees (S$0.34) after India's civil aviation regulator said the company cannot fly again until it submits a revival plan and meets all safety norms.
The stock has now fallen 9.42 per cent this week.
The carrier, which has a debt of nearly US$1.3 billion and is desperately scouting for a foreign airline to pump in fresh capital, declared a partial lockout on Monday night, blaming unrest by striking workers.
