Electric Car Battery Manufacturer’s Stock Plummets

The electric car battery maker A123 Systems’s stock closed the day down 12.35 percent on Monday amid news of defective batteries coming out of its Michigan facility. According to Boston’s citybizlist.com:

The electric car battery maker said it may spend about $55 million to replace battery modules and packs that might be defective.

The shares hit a 52-week low of $1.45 during the day, then inched up to close at $1.49. Volume was 9,162,597 shares, nearly three times the daily average volume of 3,079,100. …

[Stock analysts at] TheStreet Ratings gives A123 Systems a D- grade and a sell rating.