United Continental Holdings Inc. stock faced their worst levels on Tuesday after a passenger who refused to give up his seat on an overbooked United Airlines flight this weekend was forcibly removed and dragged off the plane.
United has lost $255 million of its market value following the incident. The company’s market cap was $22.5 billion as of Monday’s close, according to FactSet data. The stocks opened Tuesday down by 6% in premarket trading but closed the gap later on in the day closing at a low of 1.1%– but its market value was still off by $250 million.
Investors kept away from the Airline’s stock when the nationwide criticism of the airline ended Monday’s session only 0.9 higher.
Videos and pictures of a bloodied United passenger flooded the internet, eliciting public outcry against the airline’s treatment of the passenger who was seen being forcefully dragged off the plane.