Shares in British Airways owner International Consolidated Airlines Group SA (LSE:IAG) fell sharply following German counterpart Lufthansa Group’s profit warning earlier today.
The German flag carrier lowered its full-year guidance following a dramatic slide in quarterly earnings.
Lufthansa reported a preliminary Adjusted EBIT of €686 million in the second quarter, down sharply from €1.1 billion the previous year.
Fearing cross contamination with other major international carriers, the market swiftly bid IAG shares lower, bringing the stock nearly 3% down from yesterday’s close