Kingfisher Airlines is locked on the 5% upper circuit at Rs.6.52, after opening at Rs.6.35. Volumes were enormous at over 28 lakh shares compared to around 13 lakh shares over past two weeks average.

The stock hit the roof, extending its gain over the past two days, buoyed by Mallya’s talk before the AGM with his employees, where he had hinted at something brewing when he said that  the company is in talks with a foreign investor, who could be a single investor and not another airline or PE fund. At the AGm Mallya said that he expects things to work out in the next 3 months.

Employees have called off their hunger strike, scheduled for today and have decided to wait for the Karnataka High Court verdict. Mallya has assured the employees that he is trying to get the HC to unfreeze the accounts to enable payment of salaries of at least Aug’12.