Czech real estate giant suffers shares plunge

Shares in the real estate developer Orco Property Group plunged when they resumed trading on the Prague Stock Exchange on Tuesday. At one point in morning trading the shares had shed 22.4 percent of their value, falling to around 81 crowns, before rallying somewhat. Trading in the shares were suspended on Monday at the request of the company. It afterwards announced that 2008 results would be delayed until the end of the month. Analysts expect Orco, one of the leading office, hotel and flat developers in the Czech Republic, to eventually declare a loss of around 2.65 billion crowns for last year.