March 28, 2019 / 1:45 PM / 6 months ago

National Grid shares fall on report UK opposition Labour party plans to renationalise utility

LONDON, March 28 (Reuters) - National Grid shares fell more than 3 percent on Thursday after the BBC reported that Britain’s main opposition Labour party is preparing to announce plans to renationalise the utility.

At 1335 GMT, the shares were down 3.3 percent at the bottom of the blue-chip FTSE 100 index and set for their worst day since the end of December.

Traders attributed the drop to the report, which they said detailed that the Labour party would release a policy paper on Thursday outlining the plan to transfer the utility back to public ownership.

Reuters was not able to view the report because it had been removed from the BBC’s website. A BBC spokesman said the report was pulled after Labour leader Jeremy Corbyn delayed a speech he was due to make on Thursday announcing the policy.

The company and the Labour party were not immediately available for comment. (Reporting by Helen Reid; Additional reporting by Tanishaa Nadkar; Writing by Josephine Mason; Editing by Mark Potter)

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