AirAsia Shares Fall By 7.8% After The Mysterious Disappearance Of Its Plane

Shares of AirAsia tumbled by 7.8% today after the Malaysian budget carrier’s flight QZ8501 disappeared while it was on its way to Singapore from Indonesia.

According to analysts, some fliers may have second thoughts about flying by AirAsia after this incident. "I was expecting yields to at least maintain on a year-on-year basis in 2015, but now I'm expecting them to decline by up to 5%," said Daniel Wong, an analyst at Kuala Lumpur-based Hong Leong Investment Bank.

In spite of the fall, the carrier’s stock has overall gained more than 20% since the beginning of the year.

The Bangkok-listed shares of Asia Aviation, which holds Thai AirAsia, fell by 3.6%.

Meanwhile, Indonesian Air Force Spokesman Hadi Tjahjanto said that searchers are looking into a report of an oil leak off the east coast of Belitung island. This is where the plane had lost its contact.