(Bloomberg) -- Options traders who bet against Zurich airport have booked a 10,000 percent windfall as proposed modifications to aviation charges send shares of the hub tumbling.
Flughafen Zurich AG, as the airport company is known, dropped the most since 2003 after saying measures unveiled by the national regulator would reduce its aviation revenue by 150 million Swiss francs ($148 million) or 25 percent.
The options had low s before Monday, reflecting the fact that they were close to expiring, in which case they’d have been worthless in just a few days. Their was multiplied almost 100-fold, handing their owners surprise gains. On the flip side, some call options that follow the share price lost as much as 94 percent in a day.
The airport, whose stock was priced 13 percent lower at 174.20 francs as of 12:42 p.m. local time, said it will contest the new charging policy, which it called “incomprehensible.” measures.
©2018 Bloomberg L.P.
RECOMMENDED FOR YOU
POPULAR