It seems Kingfisher Airlines chairman Vijay Mallya is going all out to save his debt-strapped carrier but that has failed to impressed investors. The shares of the airlines keep falling in spite of the assurances by its officials that the carrier would survive.

Kingfisher Airlines
Kingfisher Airlines

The Financial Times reported that Vijay Mallya was close to sealing a $370 million deal with an Indian private investor and a consortium of banks to save the airlines, though the liquor baron later tweeted that the report was factually wrong.

The shares of Kingfisher were down by 5 percent in the early trade on Friday. Shares of the carrier have been falling continuously for a few months now, as people are concerned about its ability to raise fund for survival.

Kingfisher Airlines hit the headlines last month after the carrier cancelled over 100 flights due to loss. Its net loss for the September quarter doubled. However, the Indian government has ruled out bailing out the carrier.