Vestas Wind Systems A/S (VWS), the world’s largest wind turbine maker, fell to a nine-year low in Copenhagen trading as the stock exits the MSCI Denmark (MXDK) Index following this year’s 36 percent share decline.
Vestas fell as much as 4.5 percent to 38.88 kroner, the lowest price since March 2003. The stock retreated 1.26 kroner, or 3.1 percent, to 39.46 kroner at 1:41 p.m. in the Danish capital.
“When Vestas falls out of the MSCI Denmark, investors who are linking their portfolio to indexes will have to sell the stock and that’s causing today’s drop,” Mads Zink, chief share trader at Danske Bank A/S in Copenhagen, said by phone.
Vestas will officially exit the index, which includes Denmark’s 12 biggest traded companies, on May 31, MSCI Inc. said today in its semi-annual review. Vestas, based in the Danish city of Aarhus, has lost 36 percent of its value this year, after plunging 65 percent in 2011. The shares have slumped after Vestas cut profit forecasts amid competition from Chinese producers.
To contact the reporter on this story: Christian Wienberg in Copenhagen at firstname.lastname@example.org.
To contact the editor responsible for this story: Tasneem Brogger at email@example.com.