BASF shares plummet on reduced profit outlook

19 November 2008 13:22  [Source: ICIS news]

LONDON (ICIS news)--BASF's share price dropped nearly 20% in Wednesday trading after the German petrochemicals group announced a reduction in its full-year profits outlook along with production cutbacks.

 

At 12:59 GMT, the company’s stock was down 19.23% from the previous close at €20.54 on Germany’s Xetra exchange.

 

BASF said it had been hit by a “massive decline" in demand and had been forced to temporarily shut down production units.

 

The chemicals giant was also reducing production at about 100 plants worldwide in an attempt to avoid the creation of overcapacities. 

 

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By: Mark Watts
+44 20 8652 3214

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