October 10, 2018 / 1:35 PM / 5 days ago

Shares in Pakistani national carrier tumble 16 percent after bourse censure

KARACHI, Pakistan Oct 10 (Reuters) - Shares in Pakistan’s state-controlled national carrier fell 15.9 percent on Wednesday after the bourse sanctioned the airline for not complying with stock exchange rules.

In the latest blow to loss-making Pakistan International Airlines (PIA), the bourse placed the carrier on its “defaulters segment” list, citing failure to properly file accounts.

“(PIA) has failed to hold its annual general meeting and submit its annual audited accounts for the year ended December 31, 2017,” the Pakistan Stock Exchange said in a statement.

PIA’s shares were down as much as 20 percent at one point on Wednesday, but pared some of the losses to close at 4.18 rupees.

The airline, losing money and market share to Gulf-based rivals such as Etihad and Emirates, has been hit by management turmoil in recent years and a 2016 plane crash that killed 47.

The new government of Imran Khan has vowed to restructure the airline after the previous government’s effort to privatise the carrier failed. (Reporting by Syed Raza Hassan; Editing by Janet Lawrence)

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