Webjet shares are tanking

John Phillips/Getty Images.

Shares in online travel booking site Webjet are being hit hard.

A short time ago, they were down 10% to $9.79.

While there is no immediate explanation for the fall, sliding demand for flights, as reported by Australia’s major airlines this week, may partly explain the sell off.

Virgin Australia earlier today warned of weak demand for domestic airline seats.

The airline posted an underlying loss before tax of $3.6 million for the first quarter of the financial year, a fall of $12.1 million on the same period the year before.

“This result was impacted by subdued industry trading conditions during the quarter, particularly in the domestic market, which affected revenue,” the airline said in a quarterly update.

Qantas on Monday said it also saw weaker demand in July and August but that September was better.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.