Australia's Treasury Wine shares drop after profit warning
SYDNEY Jan 30 (Reuters) - Shares in Australia's Treasury Wine Estates Ltd, the maker of Penfolds and Beringer wines, fell almost 15 percent on Thursday after the company downgraded its full year earnings guidance by almost a fifth.
The world's second-largest wine maker said it expected operating earnings of A$190 million to A$210 million ($166 million to $184 million), compared to its previous range of A$230 million to A$250 million, blaming weak demand in China and stiff competition in its home market.
Its shares were down 13.8 percent at A$3.92 at 2310 GMT after dropping as low as A$3.88. The stock has slumped from a record closing high of A$6.33 in May 2013. (Reporting by Jane Wardell; Editing by Stephen Coates)