MARKET WATCH: Primark proprietor ABF shares hit after boss steps down over claims of inappropriate behaviour

Shares in the owner of Primark fell sharply following the sudden departure of its boss over his behaviour towards a woman.

Associated British Foods shed 5 per cent in early trading – wiping £700million off its value – before clawing back some of its losses to close down 1.6 per cent, or 30.5p, to 1910p.

The slide came after Paul Marchant stepped down as chief executive of its High Street fashion retailer Primark following an investigation about his alleged behaviour in a ‘social environment’.

Wood Group slumped 29.8 per cent, or 11.9p, to 28.04p after the oilfield services and engineering firm identified ‘material weaknesses and failures’ following an independent review conducted by auditor Deloitte.

The company said it does not anticipate publishing its full-year results on time after the probe found key financial information had been withheld from auditors.

Raspberry Pi fell 6.3 per cent, or 31.2p, to 466.6p after Deutsche Bank analysts started coverage of the stock with a ‘hold’ rating and target price of 460p.

Shares hit: Primark-owner Associated British Foods shed 5% in early trading – wiping £700m off its value – before clawing back some of its losses to close down 1.6%