Denmark’s benchmark stock index plummeted on Monday 11 February, marking the biggest tumble for the Copenhagen Stock Exchange since 2008.
The Copenhagen OMX 20 Index dropped to 525.21 by mid-morning; the figure represents a decrease of 5.7 percent, the most severe decline since the 6.4 percent plunge seen on 6 November 2008, according to a Bloomberg report published on Monday night.
Experts put the blame largely on a 17 percent decline for Novo Nordisk, which, as of last week, comprised nearly 46 percent of the index.
Medical giant Novo Nordisk is one of the biggest makers of insulin worldwide, but was denied approval by the US Food and Drug Administration on Friday (8 February) for its new Tresiba insulin. Officials from the agency said that the product would not gain approval until the Bagsværd-based pharmaceutical firm published additional information in regards to heart safety. Novo Nordisk responded by saying that the required research would not be complete until sometime in 2014.
Bloomberg News said that Monday’s decline would force the Copenhagen OMX 20 to 12th place in its ranking of 24 developed global markets.