The James Hardie Industries Plc (ASX: JHX) share price is down another 6% on Wednesday, sinking the stock to its lowest mark in 52 weeks.
At the time of writing, the company’s shares are $30.63 apiece, 5.67% lower than yesterday’s close. It takes James Hardie’s losses to almost 45% this year to date.
In the broader market, the benchmark S&P/ASX 200 Index (ASX: XJO) has slipped a further 47.5 basis points today, a 0.71% loss.
James Hardie’s share price plunge comes amid reports the company is facing legal proceedings in the Federal Court.
What’s up with the James Hardie share price?
The company has released no market-sensitive news today.
However, The Australian reported James Hardie is facing allegations in the Federal Court after the company was accused of “repeatedly [failing] to investigate unethical or unsafe behaviour”.
A former manager of its Australia Pacific (APAC) division has reportedly started the legal proceedings. It’s reported the case centres around James Hardie’s internal handling of management disputes.
In broader terms, the company’s shares have been trending down since trading resumed in the new year.
Its current price of $30.83 is a long way from its 52-week high of $56 back on 4 January.
It traced lower despite showing some signs of revival, first in February and then again in March. Since then, it’s staggered consistently lower.
In the last 12 months, the James Hardie share price has slipped more than 32% into the red.
The post Why did the James Hardie share price just hit a new 52-week low? appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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