Kingfisher Airlines hits upper circuit; stock up 5%

MUMBAI: Kingfisher Airlines' scrip today surged nearly 5 per cent after the company sought regulatory approvals to relaunch its operations and submitted plans to the DGCA on infusion of funds and revival of its flights.

Buoyed by the move, shares of the carrier jumped 4.9 per cent to Rs 7.91 -- its highest trading permissible limit for the day on the BSE.

Similarly at the NSE, the stock touched an upper circuit at Rs 7.90, up 4.63 per cent.

"We have shared the funding and traffic plans. The initial funding to restart the airline will come from the (parent UB) Group. We have also requested that our (flying) licence be renewed," airline's CEO Sanjay Aggarwal had said yesterday after meeting DGCA chief Arun Mishra in New Delhi.

Kingfisher's flying licence or the Scheduled Operator's Permit (SOP) was suspended in October and later lapsed in December after the airline was grounded following a strike by its employees, including pilots, over non-payment of dues.

The company owes an estimated Rs 13,582 crore to banks, its staff, airport operators and oil companies.