Shares of Spirit Aviation Holdings, the parent company of Spirit Airlines, plunged Tuesday after warning about its ability to stay in business.

Shares of Spirit Aviation Holdings tumbled $1.39, or 39%,to $2.15 in early afternoon trading.

The budget carrier had warned it has "substantial doubt" about its ability to continue as a going concern within the next year — which is accounting-speak for having the resources needed to sustain operations. The cautionary report comes just months after Spirit emerged from Chapter 11 bankruptcy .

In a quarterly report issued Monday, Spirit pointed to "adverse market conditions" that it's continued to face despite recent restructuring and other efforts to revamp offerings.

That includes weak demand for domestic leisure travel, which Spirit said p

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