IAG stocks tumble 10% as countries halt travel to UK

Monday, 21. December 2020 10:01

Shares of International Consolidated Airlines Group S.A. (IAG) plunged almost 10% on Monday prompted by the coronavirus-related travel halt to the United Kingdom recently introduced by a dozen countries worldwide.

British Health Secretary Matt Hancock previously revealed a new "out of control" coronavirus strain was detected in southeastern England, while Prime Minister Boris Johnson followed with a statement saying the strain has made the virus up to 70% more transmissible compared to the known one. It is very likely that the strain has already spread across the globe, according to Transport Secretary Grant Shapps.

With the restriction measures in place, IAG stocks declined 9.53% to £1.41 per share at 10:01 am CET. The airline industry has been widely impacted by the pandemic, with IAG's market value standing 77% lower compared to the start of the year.

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Breaking the News / ND