Reported 3 months ago
Shares of Fortescue Ltd. plunged after an institutional investor sought to sell a stake worth A$1.86 billion at a discount, resulting in the stock dropping by 9.2%. The offer price was A$18.55 per share, which is an 8.8% decrease from the previous day's close. This selloff comes in the wake of Fortescue's announcement to scale back plans to invest in green hydrogen, citing high energy prices and prompting significant job cuts within the company.
Source: YAHOO