Endo International (NASDAQ: ENDP) , a specialty pharmaceutical company, saw its shares fall 69% on Wednesday. The stock closed at $1.16 on Tuesday then opened at $1.13 on Wednesday. Shortly after noon on Wednesday, it descended rapidly to $0.3615 a share, its 52-week low. The stock's 52-week high is $7.07, and the stock is down more than 83% so far this year.
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It was already a bad day for many companies with the Dow and the S&P 500 down more than 3% and the NASDAQ falling more than 4%. The biggest reason for Endo's massive drop came when The Wall Street Journal reported the company was negotiating to restructure its more-than $8 billion in debt with its lenders and senior bondholders.
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Why Shares of Endo International Plummeted 69% on Wednesday