Foreign institutional investors have increased their shareholding in debt-ridden Kingfisher Airlines while cutting their exposure in seemingly better-placed rivals Jet Airways and SpiceJet.    

The latest shareholding data filed with the stock exchanges show that foreign investors have increased their stake in the Vijay Mallya-owned airline to 2.46 per cent in the September quarter from 0.98 per cent in June.    

During this period the airline's troubles worsened with unpaid employees refusing to work and the civil aviation regulator suspending its licence. Kingfisher has since reached a deal with its staff and is waiting for the suspension of its licence to be revoked.    

Foreign funds, however, cut stakes in Jet Air and SpiceJet, which have gained market at the cost of Kingfisher and got back into the black in the first quarter of 2012-13.    

Foreign investors cut their stake in the Naresh Goyal-owned Jet Airways to 4.81 per cent from 7.12 per cent as well as in the Kalanithi Maran-owned SpiceJet, where their stake is now 2.86 per cent from 3.59 per cent in the previous quarter.