Lenovo shares slump 16% after downgrade by brokers

[HONG KONG] Lenovo Group, which announced US$5 billion of deals last month to bolster its server and smartphone businesses, plunged the most in five years in Hong Kong after the stock was downgraded by at least five brokerages.

Lenovo fell 16 per cent to HK$8.41 at the close of trade yesterday, cutting US$2.2 billion from its market value in the biggest decline since January 2009.

The world's biggest maker of personal computers was cut at UBS …