Caesarstone Extends Drop as Short Sellers Seize on Board Changes
- Countertop maker announced departure of two board members
- Caesarstone lost $1 billion in market capitalization in 2015
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Caesarstone Sdot-Yam Ltd. fell for a fourth day after bearish investors seized on changes to its board of directors as evidence of deeper problems at the company.
Shares of Caesarstone, which makes quartz kitchen countertops, plunged 17 percent to $31.05 in New York on Monday, pushing its drop to 57 percent from a record high in July. The rout has wiped out $1 billion of the Israeli company’s market value this year. The stock fell 3 percent to $30.05 at 10:46 a.m. in New York Tuesday.