Singapore Airlines Stock Price Falls to Record Low
Subheading: Company Blames COVID-19 Restrictions
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Singapore Airlines Ltd.'s (SIAL) stock price plummeted to a record low on Tuesday, May 3, amid ongoing COVID-19 travel restrictions. The airline's shares closed at 4.80 Singapore dollars (SGD), a decline of 0.79% from the previous day's close.
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SIAL attributed the drop in stock price to the ongoing impact of COVID-19 on air travel. The airline has been severely affected by the pandemic, which has led to a sharp decline in passenger demand. In April, SIAL reported a net loss of SGD 550 million for the quarter ending March 31.
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The airline industry is facing significant challenges due to COVID-19 travel restrictions. Airlines are struggling to adapt to the new market conditions, and many have been forced to lay off staff and suspend flights. SIAL is not alone in experiencing financial difficulties; other major airlines have also reported losses in recent months.
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