Shenzhen automaker BYD sees shares plunge 47%

Chinese car company BYD (1211.HKG, 002594.SHE), known for being backed by Waren Buffett’s Berkshire Hathaway (BRK.A.NYSE), saw its shares drop suddenly by as much as 47% on Thursday, losing more than US$1 billion in market value, The New York Times reported. BYD, which is based in Shenzhen and makes electric vehicles, batteries and mobile phone handsets, said it could not explain the sudden decrease, which coincided with surging trading volumes in its stock. Local news reports in Hong Kong cited potential speculation that the company had come under financial stress because of the Russian ruble’s devaluation, but BYD has little to no exposure to the Russian Market.