Kingfisher Airlines surged 5%, hitting the upper end of the circuit filter band for the third day in a row. The shares were locked at Rs 17.15 on the National Stock Exchange with only buyers on the counter.
Shares of the company have been rising ever since there were roumours of Etihad Airways planning to buy a stake in the company. Analysts believe that a stake sale by the company could infuse cash to help the company ease its debt woes.
Kingfisher has been cash strapped for many months now and has some flights grounded. The company has also been unable to honour its financial obligations and has defaulted on debt repayments. There have also been frequent delay in staff salaries.
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