Shares in Carnival Corp. fell by more than 16 per cent Monday as financial markets reacted to the cruise ship tragedy off Italy’s west coast Friday which has left at least six people dead.

The luxury vessel Costa Concordia, owned by Carnival subsidiary Costa Crociere, ran aground off the coast of Tuscany.

The shares lost £3.70 to close at £18.78 ($29.29 Canadian) on the London exchange.

The firm estimated the disaster will hit earnings by as much as $95 million US and that the ship to be out of commission for the rest of the year.

That doesn’t include the potential impact on the cruise industry in general, which is now in the busiest part of the bookings season.

The grounding injured 60 people and forced the evacuation of 4,200 passengers and crew after the ship hit submerged rocks off the Italian island of Giglio in the Tyrrhenian Sea.

Carnival is the world's largest cruiseline and operates more than 100 ships under a range of brands including P&O, Cunard and Princess Cruises.