United Airlines Loses $600 million in Market Value Following Forcible Removal of Passenger

United Airlines has fallen by over $US600 million in market cap after a video showing forced removal of a ticketed passenger went viral.

United’s shares dipped by 4 per cent Tuesday. Earlier in the day, the decline in stock took close to $US1 billion off the company’s market value, but it recovered later. Nevertheless, United ended the day with $US600 million off its market value.

Following the backlash from the video, United CEO Oscar Munoz released a statement Monday saying he apologised “for having to re-accommodate” passengers and described the event as “upsetting”. This apology received another round of criticism for its tone.

Munoz released another public apology on Tuesday: “I continue to be disturbed by what happened on this flight and I deeply apologize to the customer forcibly removed and to all the customers aboard.”