ANA drops 8.5%, most since April

Bloomberg

ANA Holdings tumbled as much as 8.5% in Tokyo trading on September 28, its biggest intraday drop since April 1, after a report the airline is considering raising $1.9 billion via a public share offering.
The Japanese carrier is also planning to cut costs by selling aircraft and disposing of non-core businesses, Nikkei reported, without saying where it got the information. An ANA spokesperson who asked not to be identified denied the report.
The aviation industry, upended by the coronavirus pandemic, is unlikely to see a recovery anytime soon. Global passenger traffic won’t fully return to pre-Covid levels until 2024, according to the International Air Transport Association. ANA and domestic rival Japan Airlines Co have been bleeding money and seeking relief measures such as loans and reduced airport fees.
“This is about survival,” Lightstream Research analyst Mio Kato wrote in a report on Smartkarma Holdings. “Markets are too sanguine on airlines in general, and ANA in particular.”