Shares in Danish jewelry maker Pandora plunge 66%

COPENHAGEN, Aug 2, 2011 (AFP) -Shares in Danish jewelry company Pandora plunged by more than 60 percent on Tuesday after the company cut its outlook and announced its chief executive had resigned.

The company, which was first listed on the Copenhagen stock exchange last October, saw its shares plummet 66 percent in late morning trading on an overall market down 2.26 percent.

The plunge came shortly after the company announced a 30-percent drop in earnings expectations for 2011 and said its chief executive Mikke Vendin Olesen had resigned with immediate effect.

Pandora said its growth forecast was being reduced to equal its 2010 result due to increasing raw material prices, poor management and the fact that consumers were becoming more "value conscious."

"Our growth has been impacted by the cumulative effect of substantial price increases in the light of soaring commodity price increases," the company said in a statement.

Board member Marcello Bottoli will take over as chief executive, it said.

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