Ryanair shares have fallen sharply after it lost an appeal against a ruling that it received illegal financial aid to set up its Strasbourg-to-London route.
The Court of Appeal in Nancy today upheld an earlier decision against Ryanair over subsidies from Strasbourg's chamber of commerce. Shares in the low-cost carrier have fallen to €6.52.
Ryanair today said it will appeal the Court of Appeal decision. The company's chief executive, Mr Michael O'Leary said: "Ryanair is committed to restoring its low fares Strasbourg-to-London service, and will be appealing this decision, if necessary all the way through the French courts and to the European Court in Luxembourg itself."
Ryanair is also the subject of a European Commission investigation after complaints that Brussels-Charleroi airport sweetened Ryanair's contract with cheap fees and subsidies that were not on offer to competitors.