Shares of French train manufacturer Alstom plummeted by up to 38% on Thursday after the company slashed its free cash flow forecast. In unaudited half-year results released on Wednesday evening, the company said its free cash flow had fallen from negative 45 million euros ($47 million) to negative 1.15 billion euros. It also said it now expects free cash flow in a range of negative 500-750 million euros for the full year, compared to a prior forecast of "significantly positive." The initial share decline wiped roughly 2.9 billion euros ($3.1 billion) from Alstom's market value, Reuters reported. This, combined with legacy projects being finalized at the same time, is weighing on the free cash flow in this first half," the company said in a statement.

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Organizations: Alstom, Transports de, Paris Stock Exchange, Reuters Locations: Alstom Valenciennes, Transports de Marseille