Why Shares of Magna International Dropped 13.4% in March
After driving higher in February, shares of Magna International (NYSE: MGA) shifted into reverse and headed in the opposite direction. The auto supplier proceeded to end the month 13.4% lower, according to data from S&P Global Market Intelligence.
There appear to have been three bumps in the road for Magna last month: the suspension of operations in Russia, an analyst's downgrade of the stock, and the loss of a key executive to another company.
It didn't take long after March began for investors to sour on Magna's stock. On March 4, Magna announced that it would suspend operations at its plants in Russia due to the war in Ukraine. According to a filing with the SEC, Magna operates six production facilities in Russia, primarily focused on producing parts for Volkswagen and Hyundai. In 2021, these six facilities generated sales of about $370 million.
Source Fool.com
