€5.4bn wiped off Elan shares

ELAN had €5.4 billion wiped off its share value yesterday as shareholders saw the value of their investments fall by 68.62%.

Yesterday’s share debacle pales in comparison with the events of 2001/’02 when close to €23.7bn was wiped off the value of the company. However, investors were still left reeling, with the Irish stock market down 4% as a result.

Yesterday morning Elan was worth €7.926 billion, well off the company’s peak of €24.5bn but well ahead of its €835 million low in 2002. By close of business yesterday Elan was worth €2.53bn.