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Shares of Australian energy firm SP AusNet dropped as much as 13 percent on Monday, before closing 2.7 percent lower, after it said it was making inquiries into a media report that it faces a class-action lawsuit relating to the country's deadliest bushfires.
SP AusNet, which is controlled by Singapore Power, said in a release to the stock exchange that it has insurance policies in place consistent with industry standards, and will continue to update the market as information becomes available.
Melbourne's Sunday Age newspaper said on Sunday the action was launched in the Supreme Court of the eastern state of Victoria on behalf of thousands of farmers, business owners, tourism operators and residents who alleged that the collapse of a power line owned by SP AusNet may have sparked Australia's deadliest bushfires.
SP AusNet supplies power to areas in Victoria state, where fires killed at least 181 people just over a week ago, destroyed more than 1,800 homes and left 7,000 people homeless.
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