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Air Mauritius Shares Retreat the Most in More Than Six Weeks

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April 10 (Bloomberg) -- Air Mauritius Ltd., sub-Saharan Africa’s fourth-biggest airline, fell the most in more than six weeks as investors took profits following a recent stock jump.

The stock retreated as much as 6.3 percent and traded 3.1 percent lower to 12.40 rupees by the end of trading in Port Louis, the biggest drop since Feb. 24. Shares surged 7.6 percent yesterday.

Air Mauritius set up a performance improvement committee and hired Seabury APG, an airline consulting company, to review its business, it said in a statement to the Mauritius bourse dated April 3.

“Air Mauritius had a spectacular rise yesterday after media reports saying that the airline has chosen Seabury APG for its recovery plan,” said Bhavik Desai, a research analyst at the city-based Axys Stockbroking Ltd., in a phone interview. “Now, there’s some profit taking.”

To contact the reporter on this story: Kamlesh Bhuckory in Port Louis at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net