BA’S £600M CRASH
Shares slump after bank holiday glitch
THE owners of British Airways suffered a share price slump in the wake of the company’s IT meltdown.
More than £500million was wiped off the value of International Airlines Group – already facing a £100million compensation bill – within minutes of the London stock market opening yesterday.
The shares, which dived 4%, later recovered but still ended down 1.34%.
BA said it was “back up and running” after bank holiday chaos that hit 75,000 passengers. But “a number” of customers were yesterday still missing luggage. Chief exec Alex Cruz, whose budget cuts were blamed for the IT issue, pledged: “This will not happen again at BA.”