Kingfisher Air shares slump over 11%

Shares plunged after SBI declared its exposure to the air-carrier a non-performing asset.

Written by Agencies | Published:January 6, 2012 11:16 am

Shares of Kingfisher Airlines today plunged by over 11 per cent in morning trade after State Bank of India,the company’s largest creditor,declared its exposure to the air-carrier a non-performing asset.

After a weak start,the shares fell further to an early low of Rs 18.15,down 11.24 per cent over previous close,on the NSE.

On the BSE,the stock fell by 10.75 per cent to an early low of Rs 18.25.

“Kingfisher is a NPA (non-performing asset) for us. They are in default,” SBI Chairman Pratip Chaudhuri recently said.

SBI,the leader of the consortium of banks that have lent funds to Kingfisher Airlines,has an exposure of Rs 1,457.78 crore to the struggling firm.

The private carrier is in a financial mess and struggling to service its loans,which have run up to over Rs 6,000 crore.

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