AirAsia shares drop after plane goes missing

Kuala Lumpur, Dec 29: Malaysia's low-cost carrier AirAsia's share price dropped to a low of RM2.56 (about $0.73) on Monday following the disappearance of flight QZ8501 in Indonesia.

The shares fell 7.8 percent, the biggest drop since September 2011, Xinhua reported.

Economists believe that due to this incident, AirAsia's share price is expected to be under pressure in the immediate term.

The aircraft took off at 5.20 a.m. from the Indonesian city of Surabaya and was to land at Singapore's Changi Airport at 8.30 a.m. Sunday, officials said.

Indonesian officials said the pilot sought an unusual route due to thunderstorms between Kalimantan and Belitung island, before the aircraft lost contact with the air traffic control.

The aircraft was then flying at 32,000 feet over Java Sea in Indonesian territory.

IANS