Kingfisher Airlines Ltd. (KAIR), the Indian carrier controlled by billionaireVijay Mallya, posted a wider third-quarter loss as fuel costs surged and the company cut flights amid a cash shortage.

The net loss was 4.44 billion rupees ($89.3 million) in the three months ended Dec. 31, compared with 2.54 billion rupees a year earlier, Bangalore-based Kingfisher said in a statement. Operating revenue fell 19 percent to 13.4 billion rupees, the airline said.

Kingfisher joins Jet Airways (India) Ltd. and SpiceJet Ltd. (SJET) in extending losses as they fail to turn rising travel demand into profits because of fuel expenses and a price war. India may soon allow foreign airlines to buy stakes in local carriers as they struggle for financing to expand in a market where domestic traffic is forecast to surge fourfold by 2020 as per a Bloomberg report.

“Mallya’s losing money hand over fist,” said Arun Kejriwal, director at Kejriwal Research & Investment Services Pvt. in Mumbai. “The situation is not going to improve quickly,” as fuel prices remain high.

Kingfisher’s market share slipped to fifth in December from second in October as it cut flights and scrapped low-cost services as part of a turnaround plan. It has also grounded 12 of its existing 27 Avions de Transport Regional planes and delayed Airbus SAS A380 deliveries beyond 2016.

Kingfisher rose 2.3 percent to 26.85 rupees at the close yesterday in Mumbai. The stock slumped 68 percent last year.