The promoters had to step in to clarify that they are using their own money—not company’s—to start a regional airline after VRL shares crashed. On Thursday, VRL Logistics shares rose 20% to Rs.377.50 apiece. Mumbai: Shares of transportation company VRL Logistics Ltd hit the upper circuit of 20% a day after its promoters said they have cancelled plans to launch a regional airline, citing an adverse civil aviation policy. The promoters—Vijay Sankeshwar and Anand Sankeshwar—had decided to venture into the regional airline business through a separate company. “We had expressed our intention of commencing a regional airline.

Source: Mint July 21, 2016 05:14 UTC