Kingfisher Airlines shares recover post Mallya press meet

Shares of debt-ridden Kingfisher Airlines though remained muted in afternoon trade as chairman Vijay Mallya addressed a press meet, staged a comeback to close the day two per cent higher. The billionaire defended the private carrier's decision to cancel flights and gave details of revival plans.

HIGHLIGHTS OF THE PRESS MEET

While addressing journalists in Mumbai, Mallya said details about the airline's troubles were being misrespresented in the media and that cancellation of commercial flights was a prudent step.

Shares of the private carrier closed trading at Rs 21.85, up 2.34 per cent, on the Bombay Stock Exchange. The scrip gained 1.78 per cent on the National Stock Exchange to close at Rs 21.80.

HOW THE SHARES FARED

Through the duration of the press briefing, the scrip showed little movement - at 2.36 pm, shares of the company were trading at Rs 21.15, down 0.94 per cent, on the Bombay Stock Exchange. At the same time, the scrip was trading Rs 21.45 on the National Stock Exchange, up 0.23 per cent.

The stocks had risen 8.35 per cent on Monday, despite uncertainty about the company's financial viability, to end the day at Rs 21.10.

IN DEPTH: No short-term solution for over-ambitious Kingfisher

The day began on a low note for the company, with its second quarter loss doubling to Rs 468.66 crore on the back of high fuel prices.

High fuel prices have also eroded the airline's profitability despite 11 per cent rise in revenues. The company's revenue stood at Rs 1,530 crore in the second quarter, against Rs 1,380 crore.

- With inputs from IANS