AirAsia shares tumble on fears of Indonesian unit's grounding
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Kuala Lumpur
A MOVE by Indonesia to enforce rules on airlines' finances pushed shares in Malaysian budget carrier AirAsia Bhd to their biggest single-day fall on Wednesday as investors feared its Jakarta-based affiliate could be grounded for a lack of funds.
Indonesia's transport ministry said PT Indonesia AirAsia is one of 13 carriers that must repair stretched balance sheets by July 31 - or face shutdown. Already hit in recent weeks by questions over accounting that the airline rejected, AirAsia shares tumbled more than 15 per cent at one stage.
