Lufthansa loses spot on Germany's DAX index
June 5, 2020
Lufthansa will lose its spot on Frankfurt's benchmark stock index DAX after the coronavirus pandemic caused the airline's share price to plummet, the stock market announced late Thursday.
The German airline giant will be demoted to the MDax index on June 22, Deutsche Boerse said in a statement.
Lufthansa has held a spot in the index of Germany's 30 biggest listed companies since the index was set up in 1988.
Its spot will be taken by real estate company Deutsches Wohnen, which owns around 160,000 apartments and its Germany's second-largest property company.
Read more: Lufthansa accepts terms of EU-Germany rescue deal
Major losses for Lufthansa
Lufthansa's share price was already falling well before the pandemic, but lockdowns and global freezes on passenger travel have hit the company especially hard.
On Wednesday, the company said it would undergo "far reaching" restructuring after posting a first quarter net loss of €2.1 billion.
The German government and Lufthansa agreed to a €9 billion ($10.2 billion) bailout package earlier this week.
Under the deal, the German government will take a 20% stake in Lufthansa, making it the group's biggest shareholder. Shareholders will be asked to back the deal during an online meeting on June 25.
rs/aw (AFP, dpa)