Orsted declined as much as 19% in Copenhagen on Monday. Shares are down almost 50% this year, wiping nearly US$8 billion off the company’s value.
Shares in Orsted A/S fell to the lowest on record after President Donald Trump’s administration ordered construction to halt on an almost-finished offshore wind farm, two weeks after the company announced plans to raise 60 billion Danish kroner (US$9.4 billion) in a share sale backed by the government.
The Danish wind company’s management is meeting with investors and advisers in London on Tuesday to reassure them that a growing crisis is under control and that the planned rights issue will go ahead. Orsted has yet to formally launch or price the offering and is being advised by banks including JP Morgan and Morgan Stanley.
