March 6, 2020 / 9:07 AM / a month ago

Thyssenkrupp shares hit record low after elevator sale

FILE PHOTO: Thyssenkrupp's logo is seen outside the elevator test tower in Rottweil, Germany, January 21, 2020. REUTERS/Michaela Rehle/File Photo

FRANKFURT (Reuters) - Thyssenkrupp (TKAG.DE) shares hit a record low on Friday, falling as much as 5.9% to 6.83 euros per share following the sale of their best performing asset, elevators, last week.

Analysts and investors have urged the conglomerate to quickly develop a new strategy following the 17.2 billion euro ($19.4 billion) disposal, which leaves Thyssenkrupp with a huge cash pile but no equity story for the rest of the group.

Reporting by Christoph Steitz and Hakan Ersen; Editing by Riham Alkousaa

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