ICICI asks Kingfisher to top up loan security

The ICICI Bank has asked embattled Kingfisher Airlines to top up its loan security or adjust the loan amount after the ailing carrier's stock took a severe beating in recent weeks, the airline said.

The ICICI Bank has asked embattled Kingfisher Airlines to top up its loan security or adjust the loan amount after the ailing carrier's stock took a severe beating in recent weeks, the airline said.

"There is absolutely no recall of the entire loan facility nor any notice for sale of securities," Kingfisher said in a statement.

ICICI Bank has lent about 4.3 billion rupees ($83.77 million) to Kingfisher.

Kingfisher, which has debts of $1.3 billion, is scrambling to raise funds after banks refused to lend more for its day-to-day operations.