Shares of Avis Budget Group Inc. (CAR) took a 40% dive toward an 11-year low in midday trading Wednesday, as they led the Dow Jones Transportation Average's losers by a wide margin. The rental car company's stock was headed for the biggest one day selloff in 22 years, behind only the record 46.5% plunge on April 16, 1998. The next biggest Dow transports decliners were shares of United Airlines HOldings Inc. (UAL), which shed 29%, and Delta Air Lines Inc. (DAL), which lost 27%. Avis's stock has now lost more than three-quarters of its value (down 77%) so far this month, which would be its worst-ever monthly performance, as recession fears mounted in the face of the COVID-19 pandemic.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 18, 2020 12:31 ET (16:31 GMT)
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