Shares in British Airways owner plummet after weekend marred by IT failure
The owner of British Airways saw shares nosedive into the red after its "catastrophic" IT failure over the weekend caused mayhem for holidaymakers.
The owner of British Airways saw shares nosedive into the red after its 'catastrophic' IT failure
Shares in International Consolidated Airlines Group (IAG) tumbled around 3% in the first day of trading in London after the bank holiday weekend.
Shares in IAG, which is also listed in Madrid, already tumbled heavily in trading in Spain on Monday, wiping around €410 million (£357 million) off the stock.
Other airlines were also lower, with Ryanair nearly 1% lower after its full-year results revealed further cuts to fares, and easyJet more than 1% down.
British Airways passengers angry after mass cancellations
George Salmon, an equity analyst at Hargreaves Lansdown, said: "BA may have confirmed that it is now running a full schedule of flights, but investors in IAG, BA's parent company, are counting the cost of a calamitous Bank Holiday weekend.
Shares in IAG tumbled around 3% in the first day of trading in London after the bank holiday weekend
"While the costs of passenger compensation and refunds could well run into the tens of millions, the whole sorry episode has undeniably put a dent in BA's reputation for delivering a premium service, and the worry for shareholders is that this unquantifiable impact could have longer-term consequences."