UTair Aviation, (UTAR)a Russian airline company, headed for its biggest two-day retreat in six months after one of its planes crashed in the Tyumen region yesterday, killing at least 31 of the 43 passengers and crew on board.
The shares fell as much as 6.1 percent and last traded 2.4 percent lower at 19.42 rubles by 3:38 p.m. in Moscow. The stock slid 2.3 percent yesterday on the news.
The plane, which had just taken off from Tyumen en route to Surgut, crashed while trying to make an emergency landing three kilometers (1.9 miles) from the airport, UTair said on its website yesterday.
“We regard the announcement as negative for UTair, as it raises safety concerns and reduces the available fleet,” Irina Stupachenko, an equity analyst at Otkritie Financial Corp., wrote in an e-mailed report.
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