Gopinath sells down Kingfisher stake, shares drop
Kingfisher Airlines' non-Executive Director and Vice-Chairman, Capt. GR Gopinath, has been steadily reducing his stake in the airline from over 5% to approximately 4.6% over the past fortnight. According to media reports, the sell down may be related to plans by the founder of the former Air Deccan to fund the establishment of a cargo and logistics operation.
Kingfisher's shares have been volatile lately, slumping 9% yesterday after bouncing higher earlier in the week on reports Chairman Vijay Mallya has received investment interest from foreign carriers.
Air New Zealand's shares went the opposition direction, leaping 6.8% yesterday on news the carrier was shedding 200 jobs amid a slowdown in demand.
Asia Pacific selected airlines daily share price movements (% change): 19-Nov-08