Among Worst-Hit Airlines, Investors Bet Who Will Fall First

Even in an industry devastated by the coronavirus crisis, Latin American airlines stand out. Five of the biggest carriers in the region -- Latam Airlines Group SA, Gol Linhas Aereas Inteligentes SA, Azul SA, Avianca and Volaris -- have seen about $12 billion in their market value wiped out since the end of January through Wednesday’s close, Bloomberg News reported. On average, their stock tumbled 78% in local currency terms, more than all 23 members in the Bloomberg World Airlines Index. The global gauge is down 46% in the period. Latin American companies, operating far from China and with almost no direct flights to Asia, weren’t expected to see the same massive hits as other parts of the world when the coronavirus chaos began earlier this year. The region’s major carriers are now buckling along with their U.S. and European counterparts, underscoring just how quickly the crisis has upended the industry. Read more