- Indian airline shares fall heavily as massive Satyam fraud case has collateral damage.
Shares on the Bombay Stock Exchange slumped 7.25% yesterday as one of the largest corporate scandals in India's history emerged involving a USD1 billion accounting fraud at IT group, Satyam Computer Services.
Indian airlines were not spared, with Kingfisher falling 13.8%, Jet Airways falling 12.7% and SpiceJet 12.5%. Kingfisher also revealed some accounting changes had carved its loss in the six months ended 30-Sep-08 by a significant USD152.7 million.
Virgin Blue shares headed the other way, surging 10.9%, for no apparent reason.
Asia Pacific selected airlines daily share price movements (% change): 07-Jan-09
Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.