British low-cost airline EasyJet has warned investors for expected drop in profit in the current quarter, which is mainly due to strikes by air traffic controllers in France, the problems of congestion around Gatwick Airport and bad weather. EasyJet, which is the second-largest budget carrier in Europe, also warned, however, that the results will as well reflect the additional economic and consumer uncertainty following the referendum in the UK.

English low-cost airline recorded the largest drop in its market price for the last 12 years after a referendum in Britain.

On Monday, the company’s capitalization has fallen to 2.1 billion pounds or 3.2 billion dollars and shares of London-based corporation have collapsed by 24% in first day of trading, reported Bloomberg.

From EasyJet stated that the depreciation of the pound against the dollar, euro, and Swiss franc will put extra pressure on them. According to the company, this can cost them an additional 25 million pounds by the end of the year.

Therefore the management will put efforts in spending cuts in the coming months.

Decline recorded and most of the other leading companies in the industry. The Dublin-based Ryanair and British Flybe Group depreciated earlier in the week with respectively 12 per cent and 19 per cent. Ryanair warned about revenues decrease due to the political instability in the country, which will affect many of the flights destination. The biggest airline in continental Europe – Air FrinceKLM Group, reported a decrease in its market price by 6.5%, while Germany’s Lufthansa – by 3%.