Ryanair shares tumble 15% on profit warning

Shares in low-cost airline Ryanair tumbled 15% on Wednesday after the firm issued a surprise profit warning.

Ryanair said a weaker pound, increased competition, and lack of European demand have impacted profits, adding it will reduce the number of winter flights and introduce lower fares to regain competitiveness. The group's shares fell 15% on the news in the morning, rebounding later in the day to trade 13% down at €5.90 (£5). The announcement dragged down other airlines, with easyJet initially dropping 7%, before rebounding to trade 5.3% down at £12.10 per share. International Airlines Group (IAG) was down 2.1% at £2.88 and TUI Travel fell 4.6% to £3.30 per share. Overall, the FTSE ...