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10/28/2020, 10:01 AM (Source: TeleTrader)
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Rolls-Royce plunges 65% as it prepares closures

Shares of Rolls-Royce Holdings plc tumbled more than 65% on Tuesday after news that the company is preparing to temporarily close its factories, cut benefits and reduce working hours due to the ongoing crisis.

According to a report previously published by the Financial Times, the staff of the British firm was informed of new measures based "around pay and benefits and potential operational shutdowns," prompted by the lowered aircraft demand.

Rolls-Royce stocks sank 65.13% to sell for £0.76 at 10:05 am CET. The coronavirus pandemic widely impacted its business operations, as the company's shares lost over 88% of its pre-crisis value from the start of 2020.

Breaking the News / ND