Shares of Singapore budget carrier Tiger Airways <TAHL.SI> fell as much as 3.9% in early trade on Monday after a local newspaper reported that the firm had cancelled about 40 flights over a four-day period.

At 9:23 a.m., Tiger Airways shares were trading at $2 on a volume of 760,000 shares.

“Given the tight scheduling and high utilisation of planes for budget carriers, planes that are out of action will have a much more severe impact compared to the full service carriers,” DMG & Partners said in a report.

The local press reported on Saturday that Tiger Airways has cancelled about 40 flights since September 28, citing problems such as fuel and electricity trouble.