Aston Martin’s shares slide as it discounts rights issue in debt battle

British carmaker hopes money will allow it to reduce debt payments and invest in new electric models

Aston Martin shares have slumped 10% after the British sports carmaker revealed that it would give a deep discount on a 576m rights issue as it tries to reduce its big debt pile.

The luxury carmaker on Monday revealed that investors would be able to buy more shares at 103p a share, a steep 78% discount to the 480p closing price on Friday. Its shares were down by 10.3% at 430.9p early on Monday afternoon.