Danish offshore wind giant Orsted faced a fresh stock market hammering on Tuesday after the group announced a new billion-dollar impairment charge on the same day its foe Donald Trump ascended to the White House.

Orsted A/S shares slumped after it recorded a $1.7 billion hit on its earnings as the cost of building offshore wind farms in the US keeps rising, complicating the company’s efforts to expand the green technology from Europe.

Orsted's shares plunge due to a surprise impairment charge and President Trump's executive order halting offshore wind development in US federal waters.