AeroVironment plummets on contract suspension
** U.S. defense contractor AeroVironment Inc's AVAV.O shares decline by 9% to $174.7 after the U.S. Army halted a major contract
** Contract related to AVAV's Switchblade systems has been put on hold due to a protest filed with the U.S. Government Accountability Office (GAO), challenging Army's decision to award $990 mln contract to AVAV on a sole source basis
** GAO is expected to issue a decision on protest by Dec. 16. Meanwhile, the U.S. Army has issued a stop work order on contract, causing uncertainty and negatively impacting the company's stock value.
** The stop work order does not affect any of AVAV's other contracts, including its Loitering Munitions systems
** Shares up 36% YTD, inclduing session's gains
Reporting by Vedant Vinayak Vichare in Bengaluru
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