Why is the Web Travel share price crashing 41% on Friday?
Image source: Getty Images
The Web Travel Group Ltd (ASX: WEB) share price is imploding today.
Shares in the S&P/ASX 200 Index (ASX: XJO) travel stock closed yesterday trading for $4.20. In early morning trade on Friday, shares plunged to $2.475 each, down 41.1%. At the time of writing, in late morning trade, shares are changing hands for $2.69 apiece, down 36%.
For some context, the ASX 200 is down 1.6% at this same time.
Here’s what looks to be sending investors rushing for their sell buttons today.
Web Travel share price hit on Spanish tax action
This morning, the ASX 200 travel stock announced that the Special Delegation of the Balearic Islands of the Spanish Tax Agency has commenced an audit of its Spanish subsidiary.
The audit…
