Daewoo Shipbuilding heading for lowest close in almost 7 yrs

Singapore

DAEWOO Shipbuilding & Marine Engineering Co is heading towards becoming the first major company in South Korea to plunge by 30 per cent after the country doubled the daily limits on stock fluctuations last month.

The world's second-largest shipbuilder fell by a record on Wednesday and is headed for its lowest close in almost seven years in Seoul trading amid concerns that it may report losses and could need to restructure its debt.