The dramatic fall followed news released by the auto parts designer and dealer last night.
The ASX All Ords stock has now recovered somewhat and is trading at $9.76, down 5.24%.
Let's see what news the company has revealed to investors.
PWR walks away from OEM discussions
This ASX All Ords company operates in the auto parts industry. It designs, produces and sells customised aluminium cooling products and solutions.
Its main customers are in the motorsports, automotive and emerging technologies sectors.
Last night's announcement related to its Automotive Original Equipment Manufacturer (OEM) business.
Over the past two years, PWR has been supporting the development of battery cold plates for a high-volume electric vehicle (EV) program that is due to commence production in 2026 for five years.
The company said it has been in commercial negotiations for the program's production phase but has now withdrawn "for commercial reasons and PWR's assessment of the risk".
PWR reiterated its commitment to growing its OEM business "responsibly through global opportunities presently in discussion".
In other news, PWR confirmed that settlement has gone through on the new premises it will be leasing at 28 Quarry Road, Stapylton from 1 July 2025.
The lease was conditional upon the settlement of the landlord's purchase.
Recent performance of this ASX All Ords stock
The PWR share price is down 13.65% over the past 12 months.
By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is down 2.4%.