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Why Avis Budget Group Plunged 57% in March

TheMotleyFool

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Why Avis Budget Group Plunged 57% in March

Shares of Avis Budget Group (NASDAQ: CAR) tumbled in March as the rental car industry collapsed along with the rest of the travel sector. As popular vacation destinations shut down, conferences and events of all sorts were canceled, and hundreds of millions of Americans were firmly requested by state and local governments to stay at home as much as possible, airline passenger loads plunged. And conditions in the rental car business are closely tied to those in the air travel business, as fliers make up a large share of vehicle renters.

According to data from S&P Global Market Intelligence, the stock gave up 57% over the course of the month.