Shares in Malaysia's AirAsia Group Bhd tumbled more than 17% on Wednesday in their biggest daily fall after the auditor cast doubt on the budget carrier's ability to continue as a going concern due to the coronavirus travel slump.
) tumbled more than 17% on Wednesday in their biggest daily fall after the auditor cast doubt on the budget carrier’s ability to continue as a going concern due to the coronavirus travel slump.
Auditors EY issued an audit opinion stating the airline’s 2019 earnings were prepared on a going concern basis, which is dependent upon a recovery from the COVID-19 pandemic and the success of fundraising efforts. Shares in AirAsia, one of Asia’s biggest budget carriers, have plunged 58% this year, giving it a market value of about $550 million. Shares in its long-haul arm, AirAsia X Bhd , fell 5% on Wednesday.
AirAsia said on Monday joint ventures and collaborations were being considered that might result in additional third-party investments in specific segments of its business.
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