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Shares of Kingfisher Airlines tanked as much as 8 per cent to touch a new low in the morning trade after it reported that its net loss widened to Rs 1,151.53 crore in January-March quarter.
The net loss widened three-fold to Rs 1,151.53 crore in the fourth quarter of 2011-12 fiscal due to a steep hike in fuel prices and sharp depreciation of the Indian rupee.
The company had a net loss of Rs 355.55 crore in the March quarter of 2010-11.
The scrip opened on a weak note at Rs 10.85, then fell further to an early low of Rs 10.20, down 7.96 per cent from its previous closing price.
Similar movement was seen on the National Stock Exchange as well, where the stock after opening at Rs 10.90, fell further by 6.33 per cent to Rs 10.35.
It was later trading at Rs 10.50, down 4.98 per cent on the BSE, and at Rs 10.50, lower by 4.98 per cent on the NSE.
Kingfisher Airlines has been facing financial troubles for almost a year now. The airline, which never made a profit since its inception in May 2005, posted a net loss of Rs 2,328 crore in 2011-12 fiscal against Rs 1,027.39 crore in 2010-11 fiscal.
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