Tourism Dip Fuels Worst Stock Drop in Asia at Thai Airport Firm

Thailand’s post-Covid flood of tourists has turned into more of a trickle, adding to concerns for Airports of Thailand Pcl as it grapples with shrinking duty-free sales without a full-time chief executive officer.

Its shares have more than halved in 2025, notching the steepest loss among any of the world’s airport operators worth at least $100 million, according to data compiled by Bloomberg. The tumble wiped out about 460.7 billion baht ($14.2 billion) of AOT’s market capitalization and made the stock the biggest loser on the MSCI Asia Pacific Index.