Shareholders of insurance comparison website iSelect Ltd (ASX: ISU) might want to look away now…
On a day where the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen more than 100 points to a level not seen since mid-2013, the iSelect share price has plummeted almost 32%.
The shares are trading at just 75 cents after hitting an all-time low of 68 cents earlier in the session.
Today's sharp decline came as a result of a significant earnings downgrade with management now guiding for full-year earnings before interest and tax (EBIT) in the range of $15 million to $18 million.
It continues what has thus far been a terrible performance from iSelect as a public company since 2013, when its shares were floated on the ASX for $1.85 each. Based on some of the reasons given for the downgrade, this certainly seems like one for investors to avoid, for now at least.
