E-Star Alternativ Falls to Three-Year Low as Directors Leave

E-Star Alternativ Nyrt. (ESTAR), a Hungarian energy company, fell to the lowest in more than three years, after two of its board members left and the company said it is cancelling a project.

The shares fell 7.7 percent to 1,546 forint by 10:20 a.m. in Budapest, the lowest intraday level since April 2009.

Csaba Lantos and Konrad Wetzker are leaving the board of directors, the company said in a statement late on June 1. E- Star is also canceling a project in Romania and may have to end a second one, it said today in a separate statement to the Budapest Stock Exchange.

The announcement on the board members’ departure is “unfavorable,” Erste Group Bank AG said in a research report today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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