Ryanair is planning capacity cuts, more ”aggressive” seat sales, and lower prices after issuing a shock profit warning.
O’Leary/ Ryan Air are also rolling out a range of lower fares and aggressive seat sales particularly in those markets mainly UK, Scandinavia, Spain and Ireland.”
The news also had a knock-on effect on the share price of other airlines and travel companies.
Rival easyJet saw its shares fall 65p to 1215p while British Airways parent company IAG lost 3.7p to 291p.
Meanwhile, Tui was down 11.1p to 334.6p and Thomas Cook down 6.9p to 135.7p.