Stellantis stock extends losses, over a quarter wiped off market cap

Shares in Stellantis STLAM.MI extend their fall as the carmaker announced charges of around 22.2 billion euros ($26.17 billion) related to the scale-down of its electric-vehicle ambitions

The stock continues its tumble on the Milan stock exchange, dropping as much as 28.9% at 5.8 EUR/shr, its lowest price since May 2020

Paris-listed shares also drop over 29%

The losses wipe off 6.5 billion euros, or more than 27%, from Stellantis' market cap

"STLAM bulls will say this is a 'kitchen sink' moment and could be a cleaning event," says RBC in a note, adding the charges are higher compared to those booked by U.S. peers Ford F.N and GM GM.N

"Investors have suffered a double blow alongside the massive share price sell-off, as they won't be getting a dividend this year," says Russ Mould, investment director at AJ Bell, in mailed comments

($1 = 0.8482 euros)