KUALA LUMPUR (June 15): AirAsia Bhd's share price slid further, hitting a five-year low today.

The stock fell as much as 4% after Hong Kong-based GMT Research issued a report that questioned the low-cost carrier’s books, including “accounting, profit generation, cash-flow issues, leverage, and group structure”.

At 10:38am, AirAsia (fundamental: 0.2; valuation: 0.8) shares dropped four sen to RM1.77, with 5.16 million shares changing hands. The airline’s share price has been drifting lower since the start of the month from RM2.20, down 19.5% so far in June.

The report by GMT is currently available only for its subscribers. It was issued last Friday. The matter will only be discussed openly from June 24.

Apart from GMT's report, the outbreak of the Middle East Respiratory Syndrome in South Korea, which may curb holiday makers from travelling, also dampened sentiment on airline stocks, an analyst said.

Sister company AirAsia X Bhd’s share price hit a new record low today at 22.5 sen, down 0.5 sen, or 2.17%.

Meanwhile, Reuters reported that AirAsia Bhd is planning to raise new equity by initiating a convertible bond issue worth up to US$150 million (RM564.85 million) at each of its Philippines and Indonesian associates, which may sell and lease back up to 20 aircrafts under the group’s fleet this year.