Close to $600 million has been wiped from the market value of condom and gloves maker Ansell after it warned its earnings would fall short of previous forecasts.
The company issued the earnings warning after the market closed on Wednesday, and investors reacted by selling its stock from the moment trade began on Thursday.
Ansell shares barely recovered during the session and closed at $14.80, down 20.6 per cent, or $3.85.
The plunge reduced Ansell's market value by $587 million to $2.26 billion.
The company said January sales had been lower than anticipated as customers deferred or cut orders in a weakening economic environment.
Economic and currency volatility was also troubling Ansell's outlook, particularly in emerging markets, it said.
Ansell therefore cut its full year earnings per share guidance from a range of $US1.05 to $US1.20 to between 95 US cents and $US1.10.
It is due to report its half year financial results on February 8.
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