Shares of Kingfisher Airlines plunged 5% to Rs 10.58 after its lenders said they will start the process of recovering over Rs 7,000 crore outstanding loans from the defunct carrier.
A consortium of 17 banks led by State Bank of India are lenders to the carrier and in early 2011 had restructured its loans to bring down interest burden. Since then, the carrier has not been able to repay loans consistently amid crisis ranging from employee strikes and day-to-day operational issues.
Since October 2012, KFA has halted operations due to financial crisis. The airline has frequently said that it is in talks with several investors but is yet to divulge any further details on offloading stakes to any foreign carrier.
The Directorate General of Civil Aviation (DGCA) has also warned to cancel the airline's flying licence if it does not come up with a revial plan.
KFA posted a Rs 755 crore loss in the December as its planes sat idle.
Did you read: Kingfisher woes could hit funding for other airlines: DVB
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