Australia Aged-Care Inquiry Wipes $318 Million Off Health Stocks

Shares of Australian aged-care providers plunged after Prime Minister Scott Morrison said the government will establish an inquiry to investigate the industry’s quality of services. Stocks in three leading providers lost as much as A$445 million ($318 million) in market value on Monday after Morrison said the inquiry will examine levels of care in residential facilities to elderly Australians and younger people with disabilities. Morrison, who’s been in office less than a month, said Sunday the government had uncovered “a very disturbing trend” of malpractice in the industry, including abuses and failures of care.