Orsted Is Worth 30% Less After Huge Share Sale Spooks Investors

Management of Orsted A/S failed to convince analysts and investors that the company is at a turning point after losing nearly one third of its value from announcing it would sell shares.

The offshore wind farm developer plunged the most on record as investors digested a planned rights issue that’s effectively a handout by the Danish government. The state plans to buy just above half of the securities.