FRANKFURT: Shares in Siemens Energy hit a record low as a sell-off triggered by problems at its wind power division Siemens Gamesa continued on Monday after HSBC downgraded the stock to "hold".
Siemens Energy's stock fell as much as 4.9% to 18.16 euros per share, its lowest since the company was spun off from former parent Siemens AG and listed separately in September 2020.
Siemens Gamesa shares were also down 4%.
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On Friday Siemens Energy shares recorded their biggest intraday loss after Siemens Gamesa, in which it owns 67%, cut its financial outlook for the third time in nine months owing to supply chain issues and costs related to a new generation of onshore wind turbines.
The move also forced Siemens Energy to cut its outlook and has exposed the problematic stakeholder structure that gives Siemens Energy a majority stake in a business it effectively cannot control.
"Investors are increasingly frustrated at the challenges around the Siemens Energy ... portfolio," HSBC wrote.
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