Indra Falls Most Since 2000 After CNMV Requests New InformationRodrigo Orihuela
Indra Sistemas SA, the software provider whose largest shareholder is the Spanish state, fell the most since 2000 today after the country’s securities regulator requested revised financial information.
Indra dropped 10.8 percent to 7.80 euros in Madrid, the biggest drop among European software and IT companies. The Madrid-based company lost 8.9 percent on Oct. 31 after it published its quarterly earnings.
Spain’s securities regulator, known as the CNMV, disclosed yesterday that it asked Indra to provide additional information on its audited results for last year on Oct. 28. Indra on Oct. 29 delivered a 40-page response, which was published yesterday on the CNMV website. The information requested ranges from details of how it forecasts profits from projects under development to its estimates on foreign exchange risk.
Following the company’s Oct. 31 results, UBS AG and JPMorgan Chase & Co. said that the company’s free cash flow projection seemed out of reach. Bank of America Corp. cut the stock to neutral.