Transport company McAleese is down more than 30% after it detailed a restructure of its Cootes fuel haulage business.
Around 540 workers will lose their jobs, McAleese said in a statement, as it sells half of the trucks and trailers in the Cootes fleet.
Shares were down 31.82% to 75 cents on the news.
McAleese blamed government scrutiny. A Cootes fuel truck was involved in a horrific crash on the Northern Beaches of Sydney last year.
After the crash, which saw two people killed, authorities have issued hundreds of defect notices for maintenance issues related to its fleet, according to a Fairfax report.
It will be mostly truck drivers who lose their jobs, as well as some support staff.
According to Fairfax, around 1250 of McAleese’s 2000-strong workforce are employed at Cootes.
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