Why James Hardie’s Woes Have Gone From Bad to Worse

James Hardie Industries Plc’s year has gone from bad to disastrous. Its shares plunged to their lowest level in more than five years on Nov. 6 after several rivals issued fresh warnings about the state of the US housing market.

The company, which manufactures home-building products, has now lost about half its market value just this year after investors soured on a multibillion-dollar acquisition of a home-decking provider in March. The revolt that followed saw the ouster of Chair Anne Lloyd in October.