Deepening gloom over the future of Carillion sent its shares slumping more than 20 per cent for a third day in a row on Wednesday.
The company, which employs almost 50,000 people, warned on Monday that “no option is off the table” as it looks to shore up its balance sheet in the face of spiraling debts and £845m worth of contract writedowns.
Shares in the company – some of the most shorted in the market – dropped 10 per cent in early trading and losses have continued to accelerate through the day; at publication time they were down 25 per cent to 58.5p.
The company’s stock has now fallen more than 70 per cent since the start of the week, pushing its market capitalisation to only a little over £250m.
Analysts have found little reason to be optimistic, with UBS arguing yesterday that Carillion’s stock could hit zero.
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