Airline shares nosedive as plane fleets set to be grounded

For the months of April and May, Ryanair said it expects to reduce its seat capacity by up to 80%. It said a full grounding of its fleet cannot be ruled out.

Shares in Ryanair and its chief rivals, including Aer Lingus owner IAG, plummeted on a day of carnage for airline stocks as all of Europe’s main carriers put the brakes on the vast majority of their flights as the fallout from the spread of the coronavirus continued to escalate.

Ryanair said it expects to ground the majority of its fleet, across Europe, over the next week to 10 days.