Shares in Mike Ashley’s Sports Direct have plunged by up to 27% as investors gave their first reaction to financial results – delayed several times in bizarre fashion last week.
The stock fell sharply at the open and settled around 10% down in early trading on Monday morning.It was not until after dealing had concluded on Friday that the retailer finally revealed numbers for the year to the end of April after several false starts.
Market analysts wrote at the time that the handling of the results statement had amounted to a “shambles”.
After the initial share price plunge on Monday, chief market analyst at markets.com Neil Wilson wrote: “The situation for Sports Direct is not good, but it’s too early to write off Mr Ashley.