Fletcher shares open down 13%, wiping $500m from value
Initial reaction strongly negative as market digests risks of Australian leaky pipes problem.
Fletcher Building has blamed a spate of burst pipes in Australia on faulty installation.
Shares in Fletcher Building opened down 65c, or 13%, at $4.25 as trading resumed after an extended trading halt last week over the company’s potential liability for bursting pipes in Australia.
The drop represents a fall in Fletcher’s market value of about $500 million.
A negative reaction had
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