Kingfisher Airlines shares surge on stake sale rumours

MUMBAI Thu Apr 5, 2012 12:08am IST

Passengers stand at a Kingfisher Airlines reservation office at the domestic airport in Kolkata February 21, 2012. REUTERS/Rupak De Chowdhuri/Files

Passengers stand at a Kingfisher Airlines reservation office at the domestic airport in Kolkata February 21, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

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MUMBAI (Reuters) - Shares in ailing Kingfisher Airlines(KING.NS) surged 10.4 percent on Wednesday on market rumours that Singapore Airlines(SIAL.SI) would buy a stake, but the world's second largest airline told Reuters it had no such plans.

"We are not in discussion to purchase a stake in Kingfisher Airlines," said a Singapore Airlines spokesman.

Shares in Kingfisher sank to a record low of 14.90 rupees on April 2, as the carrier reels under a mountain of debt, but have surged 11.6 percent on Tuesday and further 10.4 percent on Wednesday on various stake sale rumours.

(Reporting By Abhishek Vishnoi and Manoj Dharra; Additional reporting by Harry Suhartono)

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