Thomas Cook shares 'worthless', says Citigroup

Shares in Thomas Cook have plunged 30% after analysts at a bank said the travel firm's shares were 'worthless'. Thomas Cook's tour operations and airline are worth £738m, but its debt is around the same 'and implies zero equity value', according to Citigroup. Citigroup's damning conclusion comes a day after Thomas Cook issued its third profit warning in less than a year and reported a £1.5bn half-year loss. Its outlook was 'significantly weaker than expected,' Citigroup said.