Eastern Water Drops Most in Five Months After Tariff Cut

Eastern Water Resources Development & Management Pcl (EASTW), Thailand’s largest non-state water provider, dropped the most in five months in Bangkok trading after reducing its tariffs.

The shares fell 3.9 percent to close at 12.50 baht, the biggest one-day decline since July 3. The benchmark SET Index slipped 1.1 percent.

Eastern Water, part-held by the state-owned Provincial Waterworks Authority, cut water charges for households and government agencies by 1.10 baht a cubic meter, the Bangkok-based utility said in a filing to the stock exchange. The reduction will help households hurt by “significant economic fluctuation,” it said.

Eastern Water shares have retreated 3.1 percent this year, compared with a 2.2 percent decline in the SET Index.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net

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