Singapore/Kuala Lumpur — AirAsia Group shares plunged on Wednesday after federal police in India filed a case against the airline accusing it of corruption, a probe that threatens to delay its India unit’s plans for an initial public offering (IPO) and international expansion.The case, also filed against CE Tony Fernandes and unit AirAsia India, is a fresh blow to the airline’s embattled leader, who has been under fire for supporting Malaysia’s former prime minister and is being investigated over the cancellation of flights during the election period."The [India] investigations could be long-drawn and will derail AirAsia India’s plans to launch international flights from next year and defer its IPO targets too," said Corrine Png, CEO of transport research firm Crucial Perspective in Singapore.India’s Central Bureau of Investigation accused the airline, some of its employees and third parties of violating foreign direct investment rules while obtaining its licence to fly, and of brib...

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