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Drax shares sink 25 pct on climate-change tax fears

Reuters - UK Focus

LONDON, July 8 (Reuters) - Shares (Berlin: DI6.BE - news) of UK power producer Drax sank 25 percent to an all-time low on Wednesday, with traders citing a possible 50 million pounds ($76.75 million) hit from the scrapping of a climate-change tax exemption.

At 1454 GMT, shares of Drax were trading at 265.80 pence, a drop of 24.9 percent, after hitting a low of 260 pence earlier in the day. UK Finance Minister George Osborne announced the measure in his budget speech.

Traders pointed to a Goldman Sachs (NYSE: GS-PB - news) note that estimated Drax might face a 50 million-pound hit to earnings before interest and tax. ($1 = 0.6515 pounds) (Reporting by Sudip Kar-Gupta and Atul Prakash; Editing by Lionel Laurent)