Allegiant Travel's stock plummeted 5.06% during intraday trading on Monday, as the airline announced customer support measures following Spirit Airlines' operational shutdown.

The price decline comes after Allegiant revealed it is offering Spirit Airlines customers 50% back in rewards points on select rebooked flights through May 12. The company is also implementing a temporary fare freeze on routes that overlap with Spirit's former network.

These relief measures are part of an industry-wide response to Spirit Airlines' cessation of operations over the weekend. While aimed at capturing displaced passengers, investors appear concerned about the potential negative impact on Allegiant's near-term revenue and profitability from these discounted offerings and fare restrictions.