Alstom's shares and bonds dive sharply due to a dramatic decline in free cash flow projections, impacted by rising inventories and supply chain disruptions.
Shares of the French train maker Alstom crashed as much as 38%, and its bonds fell the most on record on Thursday, following the company's disclosure of preliminary financial information indicating a significant decline in its free cash flow projections, attributed to rising inventories. The results showed Alstom's free cash flow had plunged from -45 million euros to a whopping -1.15 billion euros.
Biggest one day crash in two decades. Bonds of the French train maker due 2029 sank more than 3% - the most on record - to about 78 cents on the euro.
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