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Nearly $2 billion wiped off Centrica's market cap

Reuters - UK Focus

LONDON, May 5 (Reuters) - Centrica (LSE: CNA.L - news) shares fell more than 10 percent on Thursday, wiping off about 1.3 billion pounds ($1.88 billion) from its market capitalisation following its surprise announcement to sell shares to pay off debt.

The company, hit hard by weak energy prices and tough retail market competition, plans to raise around 750 million pounds ($1.1 billion) by placing shares equivalent to roughly 7 percent of its issued share capital.

Its shares were last down 10.6 percent and remained on track for their biggest one-day percentage drop since late 2008.

The stock also underperformed a 0.2 percent rise on the STOXX Europe 600 Utilities Index.

($1 = 0.6919 pounds) (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)