Alstom shares plunge more than a third after high-speed train builder warns on cash flow

Alstom shares FR:ALO came off the rails Thursday, at one point sliding 37%, after the France-based maker of high-speed trains cut its free cash flow forecast amid project delays and inventory build-up.

The Paris-listed group said in a statement late Wednesday that it saw a €1.15 billion ($1.21 billion) cash outflow in the first half of its fiscal year, and it expects negative free cash flow of €500 million to €750 million this year, partly as a result of boosting production to meet new orders and from delays in completing…