Mallya grounds Kingfisher Red

Vijay Mallya on Wednesday said he was shutting down Kingfisher Red and exiting the low-cost aviation sector in what is seen as a bid to salvage his debt-ridden Kingfisher Airlines. “We are doing away with KF Red as we don’t intend to compete in the low-cost segment. We believe there are more than enough guests who prefer to travel the full service Kingfisher Class,” Mallya, who entered the low-cost arena four years ago by acquiring Air Deccan from Captain Gopinath for $300 million, said.