Monadelphous Group Limited shareholders look away now

Monadelphous Group Limited (ASX:MND) shares have been hammered.

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Monadelphous Group Limited (ASX: MND) shareholders look away now…

Monadelphous
Source: CMC Markets

Shares of the mining services firm plummeted 10% yesterday, despite no company specific news.

In the wake of being dropped from the S&P/ASX 100 (ASX: XTO) (Index: ^AXTO) last week, Monadelphous shares have – along with many other mining services companies – been on a one-way ticket downward, as resources sector spending plunges.

Despite being down 49% in this past year; there could be further pain in store for Monadelphous shareholders with resources and infrastructure spending expected to drop by 60% in the next three years, according to research from ANZ.

So before considering holding on, it might be worthwhile cutting your losses and looking at other opportunities…

Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any of the mentioned companies. Owen welcomes your feedback on Google plus (see below) or you can follow him on Twitter @ASXinvest.

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