Malaysian mogul Tony Fernandes, who transformed a floundering carrier into Asia's biggest budget airline, faces his first major crisis after an AirAsia plane disappeared on Sunday with 162 people on board.

AirAsia is credited with starting a revolution in the skies of Southeast Asia and has seen spectacular growth under Fernandes' low-cost, low-overhead model despite intense competition.

The ebullient tycoon is one of Asia's most visible entrepreneurs, carving out an image that has seen him frequently compared to colorful Virgin Group Chairman Richard Branson.