Ortivus Plunges on U.K. Order Appeal Concern: Stockholm Mover
Ortivus AB (ORTIB), a supplier of mobile monitoring and communication equipment to the emergency care industry, fell the most in more than four years in Stockholm on concern a U.K. order isn’t progressing according to plan.
The shares slumped as much as 24 percent, the steepest intraday decline since Feb. 25, 2009. The stock fell 16 percent to 7.35 kronor at 11:23 a.m. local time, giving the company a market value of 154 million kronor ($22.9 million). Ortivus was today’s biggest decliner among the 280 stocks on the OMX Stockholm All-Share Index.
Ortivus today said it can’t proceed with final terms of a contract with the U.K.’s National Health Service after an unidentified third party appealed a notification that the Swedish company would get the order. The Danderyd, Sweden-based company may still get the contract, Chief Executive Officer Carl Ekvall said in a phone interview.
“For us this appeal only means that the process takes a bit longer, as they have to handle this appeal first,” he said. “These are quite common in large public tenders.”
To contact the editor responsible for this story: Tasneem Brogger at email@example.com