Israel’s El Al Fined $39 Million Over Wartime Airfare Hikes

An Israeli regulator is set to impose a $39 million (121 million shekel) fine against national carrier El Al Israel Airlines for unfairly raising airfare prices during the Israel-Hamas war, when most foreign airlines suspended flights to the country.

El Al shares were down 1.2% midmorning on Monday on the news. In a filing to the Tel Aviv Stock Exchange, the airline denied it acted improperly and said it would contest the fine in legal proceedings.