Vestas Wind Systems A/S, the largest wind-turbine manufacturer, fell the most in three weeks in Copenhagen after investor Jim Chanos recommended betting against the stock.
Vestas declined as much as 6.2 percent to its lowest in almost five years and pared its loss to 4.3 percent at 2:37 p.m. local time.
“The market is very sensitive to bad news at the moment,” said Eduardo Tabbush, an analyst at Bloomberg New Energy Finance in London. “The sentiment about wind and about Vestas especially is very bad.”
Chanos, the short seller known for predicting Enron Corp.’s collapse, yesterday said the Randers, Denmark-based company will be “under financial strain and best avoided,” while Nordea Bank AB forecast that the U.S. wind market will remain depressed for the next three years.
Michael Holm, a spokesman for Vestas said the company never comments on movements in its shares.
“People make money out of shorting stocks,” he said....MORE