According to media reports, the civil aviation ministry on Friday sent a request to the finance ministry about bailing out the
cash-strapped Kingfisher Airlines.
Citing sources, a daily news channel reported that the ministry has requested finance ministry to ease burden on air turbine fuel (ATF) tax.
Shares of the Vijay Mallya-led airlines on Friday slumped over 19 per cent to an all-time low on the bourses, before recovering some ground, as the cash-strapped company continued to face turbulence after it
cancelled 30 more flights on Thursday.
Will Mallya's move to shut down Kingfisher Red pay off?
Unable to raise funds from the equity or debt markets and fast running out of cash to pay for fuel supplies, Kingfisher, India's second-largest carrier by market share, has cancelled several flights over the past three days in an effort to cut capacity and minimise costs.
A business newspaper on Friday also reported that the cash-strapped Kingfisher
faces fresh trouble as some companies who have lent aircraft to the loss-making airline plans to take them back, while another news report said about 130 staff pilots have quit in the past few weeks.
- With inputs from agencies 
Kingfisher Airlines Chairman Vijay Mallya 
Special 
