AirAsia shares plunge after Fernandes issues public apology for endorsing Najib

(May 14): Shares in AirAsia Group Bhd fell as much as 10% on Monday in the first trading session since Malaysia’s election and after its chief Tony Fernandes apologised for endorsing former prime minister Najib Razak in the election.

Najib was ousted by former leader Mahathir Mohamad in a shock election result last week. Najib’s Barisan Nasional coalition, which had governed Malaysia since independence in 1957, was booted out of power for the first time.

AirAsia has several airlines in various Asian countries but Malaysia, its home market, is its largest contributor to earnings. In a highly regulated industry where its main rival is state-owned Malaysia Airlines, it relies on government approvals to support its growth plans.

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