Kingfisher Airlines settles above face value after 3 days

Shares of financially troubled Kingfisher Airlines  today rose over 10% amid broader stock market rally and some value buying after trading below the face value of Rs 10 for three consecutive days.

The Vijay Mallya-promoted company settled at Rs 10.32, up 9.32% on the BSE. Intra-day, the stock soared 11.22% to Rs 10.50.
     
At the NSE, the scrip was up 10.64% at Rs 10.40.
     
Analysts said the stock rose on value buying after falling for last three days, touching 52-week low of Rs 9.36 yesterday. Besides, the rally in the broader market too helped the uptrend, they added.
     
The stock has plunged from near Rs 41 level to new lows within a year, as the airline has been struggling to survive. 
     
Kingfisher, which has been facing financial troubles for almost a year now, has a debt of over Rs 7,000 crore. It has been facing flight cancellations in view of troubles with the workforce, including pilots, who have been protesting against non-payment of salaries. The airline has never made a profit since inception in May 2005.

Meanwhile, the BSE 30-stock index, Sensex, closed at 17,278.85, up 93.84 points.