Meanwhile, the BSE Sensex was up 71.76 points or 0.41% to 17,629.50.

The stock rose on massive volumes. On BSE, 1.20 crore shares were traded in the counter as against average daily volume of 49.44 lakh shares in the past one quarter.

The stock hit a low of Rs 7.01 at the onset of the trading session, which is a record low for the counter. The stock had hit a 52-week high of Rs 31.90 on 11 August 2011.

The stock had underperformed the market over the past one month till 10 August 2012, sliding 32.54% compared with the Sensex's 0.34% fall. The scrip had also underperformed the market in past one quarter, tumbling 46.76% as against Sensex's 6.93% rise.

The small-cap air carrier has equity capital of Rs 808.72 crore. Face value per share is Rs 10.

Kingfisher Airlines reported a net loss to Rs 650.79 crore in Q1 June 2012, higher than net loss of Rs 263.54 crore in Q1 June 2011. Net sales declined 84.2% to Rs 301.38 crore in Q1 June 2012 over Q1 June 2011. The result was announced after market hours on Friday, 10 August 2012.

Kingfisher Airlines said it has halved its operating losses to Rs 204 crore in Q1 June 2012, from Rs 429 crore in Q1 June 2011. This was achieved by reducing the level of operations in this high cost environment through a 20 aircraft 'Holding Operation', the company said in a statement.

Kingfisher Airlines said the impact of high fuel cost, high interest rate, depreciation of Rupee and extraordinary expenses on account of return of aircraft to the lessors and the costs associated with non-operating aircraft, resulted in a net loss of Rs 651 crore in Q1 June 2012.

The UB Group provided cash support of over Rs 750 crore to the Kingfisher Airlines to meet its cash flow requirements, the company said in a statement.

Kingfisher Airlines said it continues to believe it will get recapitalized and get on a path of sustained profitability. The airline is in discussions with several strategic and financial investors to bring fresh capital, Kingfisher Airlines said in a statement.