Sasol’s share price collapse wipes out R47bn in value
Chemicals group’s debt now more than twice its market cap after shares take a 46% hammering
Smarting from the downgrade to junk by Moody’s Investors Service and cost overruns at its giant Lake Charles plant, Sasol had its worst day on the JSE on Monday when a dramatic slide in oil prices wiped out more than R47bn from its market value.
Shares in the world’s biggest maker of fuel from coal and gas plunged 46.5% to R85.35 in a selling frenzy triggered by a free-falling oil price after Saudi Arabia instigated an oil price war with Russia at the weekend. ..