According to a report from the Mail, Odey Asset Management, a UK-based hedge fund has sold its stakes in Ryanair Holdings Plc and International Consolidated Airlines Group SA.

Hedge fund manager James Hanbury has sold his holding in British Airways-owner IAG, said the report citing a presentation.

The development comes in the wake of the hedge fund taking a short position for cinema chain AMC Entertainment, said a report from the Financial Times.

The hospitality sector along with cinemas and airlines have been significantly hit by the COVID-19 pandemic, with the Delta variant further disrupting the sector.

Britain has double vaccinated a higher proportion of its population against COVID-19 compared to most other countries.

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