Rich Lister down $160m as Eagers shares crash on profit warning

A slowdown in consumer spending is spreading to more parts of the economy, with Australia’s largest car dealership group Eagers Automotive warning that June-half profits would be 15 per cent down on last year.

Eagers shares plunged 19 per cent in early trading to $9.90, causing a major hit to the paper wealth of large shareholder and Rich Lister Nick Politis, who holds a 27.9 per cent stake. The value of Mr Politis’ holding tumbled by around $160 million, but is still worth $700 million.