Jeju Air shares continued to plunge to their lowest levels in history on Monday after a devastating plane crash that claimed 179 lives.
The company’s shares fell as much as 15.7%, wiping nearly 96 billion won (RM291 million) from its market value.
Its parent company, AK Holdings, also suffered a 12% drop, making it the lowest in 16 years.
The tragedy at Muan International Airport was Jeju Air’s first fatal accident since its founding in 2005.
Following the incident, authorities have launched an emergency safety audit of all airlines in the country.
Analysts have warned that the tragedy could damage consumer trust in budget airlines like Jeju Air for the long term, although travel demand is expected to gradually recover.
This tragedy not only claimed lives but dealt a huge blow to the airline in restoring public trust in aviation safety.
