Hawaiian Electric Extends Record Slump With Another 20% Drop
- Power equipment comes under scrutiny as source of Maui fire
- Official investigation could take weeks, or months to resolve
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Hawaiian Electric Industries, which supplies roughly 95% of the state’s residents with power, traces its roots back to 1891, just a decade after King Kalakaua met Thomas Edison to see the incandescent light bulb. Now, the utility is facing what’s shaping up to be the biggest-ever test over its future.
Relentless selling on Monday wiped more than a $1 billion from the company’s value as the stock plunged by a third in its biggest loss on record. Shares extended the freefall on Tuesday, shedding about 20%, after Hawaiian Electric was cut to junk by S&P Global Ratings.