Australia's Qantas drops to 10-month low on US-Iran tensions

Virgin Australia Holdings

02/03/2026 24:17

** Shares of Qantas Airways QAN.AX fall as much as 10.4% to A$8.92, hitting their lowest level since May 2, 2025

** Stock set for its worst intraday trading session since April 7, if losses hold

** The war in Iran forced closure of key Middle Eastern hubs, stranding tens of thousands of passengers worldwide and disrupting thousands of flights

** Shares of Virgin Australia VGN.AX, Australia's No. 2 airline, slip as much as 3.5% to A$3.03 per share to hit their lowest point since February 9

** Qantas is top loser in Australia industrials sub-index .AXNJ

** QAN down 10.5% YTD, including the day's moves

 (Reporting by Shivangi Lahiri in Bengaluru)

 ((shivangi.lahiri@thomsonreuters.com))