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Shares of AirAsia, AirAsia X fall after CEO, chairman step aside

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Shares of budget airline AirAsia Group and its long-haul subsidiary, AirAsia X, fell in early trade on Tuesday after the group's CEO Tony Fernandes and Chairman Kamarudin Meranun said they would step aside for two months.

[KUALA LUMPUR] Shares of budget airline AirAsia Group and its long-haul subsidiary, AirAsia X, fell in early trade on Tuesday after the group's CEO Tony Fernandes and Chairman Kamarudin Meranun said they would step aside for two months.

Both Mr Fernandes and Mr Kamarudin announced late on Monday that they would step aside as authorities investigate allegations that Airbus had paid a bribe of US$50 million to win plane orders from the AirAsia.

AirAsia Group's shares fell 5 per cent as markets opened in Kuala Lumpur, while AirAsia X shares lost 8 per cent.

REUTERS