Shares of Kingfisher Airlines on Thursday gained as much as 5 per cent to hit the upper circuit after the company’s management said it would expedite payment of October salary ahead of Christmas.
Recouping the losses it suffered in the last few trading sessions,shares of Kingfisher surged 4.8 per cent to Rs 10.90 on the BSE.
At NSE,the stock rose by 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 at 1230 hrs. In the last four trading sessions,the stock had lost 17.46 per cent.
Kingfisher management 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.