Stocks

Kingfisher stock crashes as service tax dept freezes bank accounts

PTI Mumbai | Updated on March 12, 2018

Shares of Kingfisher Airlines tumbled over 7 per cent in the morning trade on the bourses today after 10 of its bank accounts were frozen by central tax authorities for non-payment of service tax.

The scrip, which made a weak opening on the bourses, fell further by 7.21 per cent to a low of Rs 23.15 on the BSE. In a similar fashion, the scrip witnessed an early low of Rs 23.10 on the NSE, down 7.22 per cent from its previous closing price.

However, the stock recouped some of the losses in later trade and was trading at Rs 23.70 on the BSE, down 5 per cent from its previous closing price. On the NSE, it was trading 4.82 per cent lower at Rs 23.70.

The service tax department has frozen 10 accounts of Kingfisher Airlines for defaulting on service tax payment over the past five days. Kingfisher owes about Rs 70 crore to the service tax department.



Published on December 09, 2011

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