AirTran shares plunge on downgrades

Two downgrades and a negative outlook given for the airline industry sent shares of AirTran Airways’ parent company tumbling Monday nearly 19 percent to a new 52-week low.

There’s no near-term threat of a bankruptcy filing by the Orlando, Fla.-based discount carrier. But analysts and ratings agencies are concerned about AirTran’s deteriorating cash position in light of record high fuel prices.