Full coverage· Economy· Updated
Defense Stock Plummets, Erasing Quarter Billion Shekels for Investors
Defense contractor Erit Industries has seen its stock price plummet by 73%, leading to an estimated loss of 250 million shekels for institutional investors who recently bought shares.
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What happened
- 01Erit Industries stock fell 73%, costing institutional investors an estimated 250 million shekels.
- 02The company's market value dropped from over 7 billion shekels after a sharp decline in revenues and profits.
- 03Institutional investors had purchased 400 million shekels in stock from controlling shareholder Zvi Levi shortly before the crash.
- 04A cooling defense market and reduced order backlog contributed to the company's poor performance.
- 05Erit Industries management is pursuing new international deals to restore confidence and growth.
The company's market value fell from a peak of over 7 billion shekels after revenues dropped 14% and net profit declined 45% in the first half of the year. Management is now working to secure new international deals to regain investor trust and drive growth.
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