By Oladipupo Mojeed
British Airways recorded huge losses after it had to cancel all flights since Saturday due to IT problems.
The Guardian reports that IAG shares plunged amid fears for the airline’s reputation after IT failure stranded 75,000 passengers on busy holiday during the weekend.
Half a billion pounds has been wiped off the market value of the British Airways owner, IAG, as a result of computer system outages.
IAG shares fell more than 4% to 588p in London on Tuesday.
The airline had to cancel flights at London’s Heathrow and Gatwick airports on Saturday when a power surge knocked out messaging across its IT systems.
Flights on Sunday and Monday were also affected, although BA said on Tuesday it was back to running a full flight schedule.
Meanwhile, BA has also admitted that a “significant” number of customers who travelled on the limited number of flights taking off from the UK still did not have their luggage, but said it was working hard to resolve this.
The carrier came under fire for pointing some affected customers to premium phone lines costing up to 62p a minute.
According to reports, some passengers had to spend up to £800 for spare seats in premium economy cabins to reach their destinations, while customers who travelled with other airlines incurred extra costs of up to £1,600.
BA is facing a large compensation bill, with some estimates putting it at up to £150m.
The chief executive, Alex Cruz, who has faced calls to resign, apologised to customers and promised a full investigation into the IT disaster. He said there was no evidence there had been a cyber-attack.