Ryanair shares take big knock

SHARES in Ryanair fell the most in four years in Dublin trading yesterday after Citigroup cut the airline’s profit and share-price estimates, citing oil prices and the pound’s drop against the euro.

Ryanair shares fell 32 cent, or 8.2%, to €3.60 in the biggest drop since January 28, 2004. The stock has fallen 35% over the past 12 months and is at the lowest since August 25, 2006, valuing the Dublin-based airline at €5.37 billion.

Citigroup scaled back Ryanair’s earnings-per-share estimates for the year through March 2009 by 14% and for 2010 by 6%, London-based analysts including Andrew Light said yesterday.