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Arconic Inc

Arconic shares tumble; it pulls sales of panels used in tower block

The tower was the site of a blaze, which caused the deaths of at least 79

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Arconic shares sank on the day

Arconic Inc (NYSE:ARNC) shares tumbled  6% in New York today as the firm became embroiled in the fall-out from  the London tower block fire earlier this  month.

Report emerged stating that it was the maker of materials used in the cladding for the tower.

The tower was the site of a blaze, which caused the deaths of at least 79 people.

The facade was installed last year at Grenfell Tower, in panels known as cladding and sold as Reynobond PE, according to the New York Times.

The firm reportedly has  said it was  now pulling the facade material.

Arconic was spun off from aluminium giant Alcoa Corp (NYSE: AA) last year.

Fire services in the UK are now inspecting other buildings and finding that scores used the material and now fail to meet fire codes.

Shares in Arconic are down almost 6% to $24.

Quick facts: Arconic Inc

Price: $26.72

Market: NYSE
Market Cap: $11.76 billion
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