Teva stock plunges 18% as Tel Aviv markets open

August 6, 2017 10:25

The stock of Israel-founded pharmaceutical giant Teva, plunged 18 percent with the opening bell of the Tel Aviv stock market Sunday morning.

The Tel Aviv drop followed a 30% slip on Wall Street last week, erasing billions of dollars from the company's net worth.
Teva's drop also dragged temporarily down the rest of the market as the trade week opens in Israel.

Teva announced last week that it would lay off thousands of workers after showing billions of dollars in losses and a 60% drop in shares over the past year.

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