Shares in IAG, the owner of British Airways and Iberia, fell on Tuesday after index provider MSCI said it plans to delete the stock from its Spanish index.
The Spanish listing was down 3.3 percent by 0821 GMT, at the bottom of the IBEX while the London-listed shares fell 3.8 percent.
Traders said the deletion was due to the cap on foreign ownership of the shares, which came in on Feb 11 ahead of Britain's exit from the European Union.