Kingfisher shares slump 20% before regulator talks Shares in India's cash-strapped Kingfisher Airlines plunged nearly 20 percent in early trade on Tuesday, ahead of a meeting with the aviation regulator to explain why it cancelled scores of flights. Kingfisher shares fell 19.55 percent to 21.4 rupees on the Bombay Stock Exchange, as investors exited the stock fearing action from the regulator against the troubled company. The Bangalore-based airline, which has cancelled scores of flights over the past three days, was summoned to a meeting on Tuesday in New Delhi with India's Directorate General of Civil Aviation (DGCA). Kingfisher, which has had its bank accounts frozen over unpaid taxes, must also explain when it will restart a full flight schedule and its plans to aid affected passengers. The loss-making airline -- which is battling to pay creditors and staff -- is beset by difficulties caused by soaring fuel costs and high local sales taxes, as well as an intense domestic price war. Mallya blamed the cancellations, which have affected thousands of passengers across India, on the sudden freezing of Kingfisher's bank accounts. The bottomline is we requested for time to pay these dues," he said. Almost 40 Kingfisher flights were cancelled on Monday, including international flights to Bangkok, Singapore, Kathmandu and Dhaka. India's airline industry -- once a symbol of the country's economic progress -- is now plagued by high fuel prices, price wars and inadequate airport infrastructure.