December 23, 2018 / 2:21 PM / 6 months ago

Tel Aviv shares slide in worst day since 2011

JERUSALEM, Dec 23 (Reuters) - Israeli stocks slid on Sunday, posting their worst daily performance in more than seven years in a broad selloff that followed declines on Wall Street late last week.

The Tel Aviv 125 share index was down 4.5 percent in late trading, its largest decline since Aug. 7, 2011 but recovering slightly from an earlier drop of 6 percent, while the blue-chip TA-35 was 4.9 percent lower.

Israeli media reported that mutual fund redemptions were the highest ever.

Sunday’s losses were led by a 28 percent drop in drugmaker Perrigo after Ireland demanded the company, formerly known as Elan, pay 1.64 billion euros ($1.9 billion) in taxes relating to 2013, a U.S. securities filing showed.

Teva Pharmaceutical Industries , the world’s largest generic drugmaker, shed 8.1 percent while all other components in the TA-125 were down, with the exception of RedHill Biopharma, which was up 0.4 percent. (Reporting by Steven Scheer)

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