Feltex shares plummet as market opens

Shares in beleaguered carpetmaker Feltex dumped 30 per cent of their value this morning after it was announced the firm's chief executive, Sam Magill, would stand down this year.

Feltex said Mr Magill was to leave the company later this year and a full review of its operations was underway.

Investors angrily punished Feltex's shares, trading them down 21c to 70. A profit downgrade earlier this year saw the firm's shares plummet from 150c in late March.

- NZPA