Stocks of Kingfisher Airlines were down more than 10% after the company has cancelled over 30 flights today due to financial crunch.
The company has been facing cash crunch that has culminated into the Income Tax authorities freezing its bank accounts last week on grounds of non-payment of tax dues.
Of the total flights cancelled, 13 flights has been terminated from operations from Mumbai, 8 were cancelled from Kolkata and four from Delhi. The airline was facing Pilots inadequacy also after 34 pilots relieved the position yesterday.
Sudden cancellation of flights has caused passenger inconvenience, which forced Civil Aviation Ministry to question Kingfisher for the actions. For the query of Civil Aviation Ministry, Kingfisher Airline CEO Sanjay Agarwal said,’ We will answer all the questions of Civil Aviation Minister’ before going into the meeting with Chief Directorate General of Civil Aviation EK Bharat Bhushan
At 12:39 hrs, the shares of Kingfisher Airlines were declined 6.95% to Rs.24.75 per share on the Bombay Stock Exchange.
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