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Shares of Taiwan's Lumax nosedive after massive power outage

Initial investigation blames utility system company, sends stocks to year low

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People walk on a street during a massive power outage in Taipei, on August 15.   © Reuters

HONG KONG -- Shares in Lumax International dropped on Wednesday amid fears the Taiwanese maker of control systems for power plants and factories could come under fire after a massive blackout hit the island nation on Tuesday evening.

The stock touched a new year-to-date low of $48.5 New Taiwan dollars, down NT$3.60, or 6.90%, from Tuesday. It later trimmed losses to end at NT$50.20, down 3.64%.

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