Shares in car rental giant Hertz were in freefall today, plummeting as much as 50 per cent after it slashed full year forecasts.
The US company said it expected forecast adjusted profit of between $0.51 and $0.88 per share, a fraction of its guidance earlier in the year of between $2.75 and $3.50 per share.
Read more: DVLA changes to complicate car hire rules
Third quarter income at the company, which also owns the Thrifty and Dollar brands, was $44m, down from $217m in the same quarter last year.
"Our near-term financial performance continues to be uneven," said chief executive John Tague.
A poll of analysts by Thomson Reuters showed that analysts were expecting adjusted profit of $2.73 per share.