India's Kingfisher Airlines plunged as much as 18 percent in early trade Friday following media reports that the cash-strapped carrier may shut down more local routes.

Shares fell 17.8 percent to a day's low of 20.5 rupees at the Bombay Stock Exchange, a day after the Livemint newspaper reported that it plans to stop flying to 14 "stations" considered financially non-viable.

Its shares recovered to 23.3 rupees, still down nearly seven percent.

"Some of these are seasonal stations which work only in winter, or where weather does not allow all-year operations. Some are borderline when it comes to financial viability," the Mint said, quoting an unnamed Kingfisher official.

A Kingfisher spokesman on Friday said chairman Vijay Mallya had already decided the airline would not fly commercially unprofitable routes.

India's second largest airline by market share this week saw its second-quarter loss double and has already cancelled scores of flights.

"Investors are cautious amid all the negative news," said a dealer with a local brokerage, declining to be named.

On Thursday, India's civil aviation minister Vayalar Ravi ruled out a public bailout for Kingfisher or any other private airline, urging them to "put their own house in order".

Kingfisher has never posted a profit since it was launched in 2005 and has been one of India's worst-hit airlines in an industry plagued by high jet fuel prices, fierce competition and inadequate airport infrastructure.

The flamboyant liquor baron Mallya said this week that "to write the epitaph of Kingfisher Airlines is not fair", despite concerns over raising funds.

This week it posted a net loss of 4.69 billion rupees (US$93 million) for the three months to the end of September, against a loss of 2.31 billion rupees a year earlier.

The airline, which in September axed its low-cost Kingfisher Red service to concentrate on its full-fare business, has cancelled more than 200 flights in the past week, raising fears that it could collapse.