Slater & Gordon plunges on UK injury law changes

Slater & Gordon, which turned itself from a boutique Melbourne labour law firm into an international litigation powerhouse, lost more than half its value on Thursday after Britain decided to limit lawsuits for car crashes.

Slater & Gordon stock plunged after the company warned the change "would impact on the rights of people injured in road traffic accidents". The stock fell 51.4 per cent to 94¢ and closed below its 2007 initial public offering price of $1 for the first time. The shares earlier dropped as much as 54 per cent to 89¢ as 85 million shares traded hands, 17 times the average daily volumes.