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This is an archive article published on October 19, 2012

Kingfisher Air shares drop,pre-deadline

Shares in Vijay Mallya-led Kingfisher Airlines drop 4.6 percent.

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Shares in Vijay Mallya-led Kingfisher Airlines drop 4.6 percent ahead of a deadline of Oct. 20 to respond to India8217;s civil aviation authorities on why its license should not be cancelled.

India8217;s Directorate General of Civil Aviation told the airline on Oct. 5 to demonstrate why its permit to fly should not be suspended or cancelled for failing to establish a safe,efficient and reliable service,and gave it 15 days to reply.

Kingfisher had previously grounded flights until Oct. 20,but the industry regulator on Wednesday rejected Kingfisher8217;s winter schedule,prompting expectations flights will continue to be grounded past the Oct. 20 deadline.

As of Thursday8217;s close,Kingfisher shares have dropped 29.5 percent since bankers were unable to agree on the airline8217;s turnaround plan on Sept. 27. Kingfisher is reeling from 1.4 billion of debt.

Vijay Mallya,who controls Kingfisher via his UB Group,is in talks with Diageo Plc to sell a stake in United Spirits .

 

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