Kingfisher stock takes off as employees withdraw strike

MUMBAI: Shares of Kingfisher Airlines surged higher as the company’s employees including pilots and engineers, who were threatening to go on a strike due to non-payment of dues, decided not to go ahead with their agitation.

The employees had earlier planned to go ahead with their agitation by 8 pm today if part of their dues were not paid. The cash-strapped company has been facing financial problem and has been unable to pay salaries since December.

There are reports that promoter Vijay Mallya of Kingfisher Airlines had a late night meeting with the employees and assured them that the company would pay dues by April 10.

The stock was at Rs 16.80, up 11.26 per cent on the BSE. It touched a high of Rs 17.30 and low of Rs 15 in trade so far.