Gopinath continues to reduce stake in Kingfisher Airlines

MUMBAI: Kingfisher Airlines Vice-Chairman G R Gopinath, who has been steadily reducing his stake in Vijay Mallya-led Kingfisher Airlines has further sold shares worth Rs 6.31 crore of the private carrier.

Gopinath has sold a total of 13,59,473 shares of the private carrier totalling to Rs 6.31 crore through five separate transactions, Kingfisher said in a disclosure on the Bombay Stock Exchange.

In five transactions dated August 31, September 2, September 4 and two separate deals on September 3 Gopinath offloaded 0.51 per cent stake in the company.

Pursuant to the said sale Gopinath holds 2.07 per cent stake in Kingfisher Airlines.

For the quarter ended June 30, Gopinath held 8,850,190 shares of Kingfisher representing 3.33 per cent stake.

Gopinath, who held over 9 per cent stake in the company in June 2008, continued to be on a selling spree since then.

Gopinath had started Air Deccan in 2003 and sold it to Vijay Mallya-owned Kingfisher in 2007.

Shares of Kingfisher Airlines today closed at Rs 46.90 on the BSE, up 2.63 per cent from previous close.