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[KUALA LUMPUR] Shares of Malaysia budget airline AirAsia Bhd dropped as much as 8.9 per cent on Tuesday, the day after founder and Chief Executive Tony Fernandes wrote to investors to outline plans to raise funds and cut debt.
Stock in AirAsia, the biggest low-cost airline in Asia, were trading 7.8 per cent lower at RM1.65 per share at 0815 GMT, after dropping to a five-year low of RM1.63 a share.
The carrier's long-haul arm AirAsia X Bhd dropped to a record low of 20 sen per share. The benchmark stock index rose 0.04 per cent.