AirAsia Stock Drops Most Since 2011 After Flight Vanishes
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AirAsia Bhd. shares tumbled the most in three years after the Malaysian budget carrier’s flight QZ8501 disappeared en route from Indonesia to Singapore.
The stock slid as much as 13 percent to 2.56 ringgit before closing 8.5 percent lower in Kuala Lumpur. Trading volume amounting to about 14 times the three-month daily average. Shares were cut to a trading sell from buy at Hong Leong Investment Bank Bhd., which lowered its price target to 2.64 ringgit from 3.15 ringgit. AirAsia X Bhd., the long-haul arm of AirAsia, fell 8 percent.