MILAN, Jan 9 (Reuters) - Shares in Italian luxury shoemaker Tod’s were suspended from trading on Thursday after the stock fell 4.97 percent, a drop which a Milan-based trader attributed to a downgrade by investment bank Merrill Lynch .
“The stock was downgraded...by Merrill,” the trader said, adding this was the reason for the price fall.
Shares in the maker of 300-400 euro leather loafers returned to trading after regaining some lost ground, to be quoted 4.5 percent down at 109.50 euros ($150) at 0828 GMT.
Milan’s main index was broadly flat, but luxury stocks were among the losers. Leather group Salvatore Ferragamo dropped 2.8 percent in early trade and cashmere maker Brunello Cucinelli lost 3.2 percent.