United Airlines loses $250M in market value

United Airlines has lost $250 million in market capitalization amid the raging controversy over the forcible removal of a passenger from a flight.

Shares in the company dipped just over 1 percent Tuesday as outrage mounted over the incident two days before, CNN Money reports.

Earlier in the day, United Continental Holdings shares were down roughly 4 percent, eroding nearly $1 billion in the company’s market value.

{mosads}The company’s stock improved following a second apology from United CEO Oscar Munoz about the treatment of the passenger.

“Like you, 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,” he said in a statement.  “No one should ever be mistreated this way.”

“I want you to know that we take full responsibility and we will work to make it right.  It is never too late to do the right thing.”

Munoz initially apologized Monday for having to “re-accommodate” passengers on a Sunday flight from Chicago to Louisville.

The airline executive also sent an internal letter to staff defending United’s employees, arguing they followed all protocols.

Footage emerged late Sunday of a man getting violently dragged off a United flight, with security officers pulling the passenger by his wrists.

The passenger apparently refused to leave after customers were randomly selected to relinquish their seats to accommodate four employees of the airline.

Travelers who had already boarded Sunday’s flight declined to volunteer their seats.

Tags Airlines Oscar Munoz stocks United Airlines
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