Wood Shares Plunge After Writeoffs Prompt Independent Review

John Wood Group Plc tumbled the most on record in London trading after announcing a review to address poor performance in its projects division.

The shares sank as much as 49%, the biggest decline since starting to trade in 2002. Following several contract writeoffs earlier this year, the engineering company has commissioned an independent review to focus on projects, accounting, governance and controls — and assess whether any prior-year restatement may be required.