Delta Lloyd Drops to Record Low as David Einhorn Reduces Stake
- Einhorn cuts stake in Delta Lloyd almost 2 percentage points
- Insurer's shares down more than 51 percent for the year
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Delta Lloyd NV dropped to the lowest since its initial public offering in 2009 after money manager David Einhorn, one of the insurer’s largest shareholders, reduced his stake.
The stock dropped 2.6 percent to 8.88 euros ($10) at 12:01 p.m. in Amsterdam, taking losses for the year to more than 51 percent. Einhorn, who runs investment firm Greenlight Capital, cut his interest to 2.98 percent from 4.84 percent.