Thyssenkrupp AG slid in Frankfurt trading after the German industrial company lost out to French competitor DCNS Group on a A$50 billion ($39 billion) contract by the Australian government to build and service 12 submarines.
The stock fell as much as 5.1 percent, bringing up the rear on the benchmark DAX Index. The shares, which have gained 11 percent this year, traded down 2.5 percent at 20.30 euros as of 9:39 a.m.
“It may be disappointing at first sight, but those big orders always entail major risks,” Bjoern Voss, a Hamburg-based analyst at Warburg Research GmbH, said by phone. “I am not that sad about it actually. Thyssenkrupp still has a solid order book for the next four to five years.”
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