Perrigo's Slump Drags Israel Stocks to Biggest Drop Since 2011

  • Bloomberg
  • Stock Market News
Perrigo's Slump Drags Israel Stocks to Biggest Drop Since 2011
Credit: © Reuters.

(Bloomberg) -- A record decline for generic drugmaker Perrigo Company Plc dragged Israel’s main stock index to its biggest decrease in more than seven years.

The TA-35 Index fell as much as 5.3 percent, the biggest session decline since 2011 on a closing basis. Perrigo’s loss of 30 percent contributed the most to the decline.

The sell-off in Tel Aviv follows a slump in Perrigo’s shares in New York on Friday, when they declined by the most since 1994 after Irish tax authorities hit the company with an unexpected $1.8 billion tax assessment. The company said it will fight it.

Teva Pharmaceutical (NYSE: TEVA ), a drugmaker also traded in Israel, was set to record its biggest loss in more than a year as it fell by almost 7.9 percent as of 12:01 p.m. local time. Bank Hapoalim BM and Bank Leumi Le-Israel BM also slipped at least 3.2 percent each.

  • Perrigo extends drop this year to 53 percent, set for the worst full-year decline since its shares started trading in Israel in 2005.
  • The TA-35 was poised for yearly loss of 4.0 percent, its biggest annual drop since 2011.
  • About 29 million shares composing the index changed hands in Tel Aviv on Sunday, about 70 percent more than the 30-day average for the same period.

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