Shares in Babcock & Brown Power fell 41 per cent on Monday after Australia’s biggest listed electricity producer booked A$425m in writedowns relating to the sale of a plant and a recent acquisition.

Babcock & Brown Power, which is managed by Australian investment firm Babcock & Brown (B&B), said it had hired UBS to carry out a strategic review of its business and advise it on expressions of interest related to potential asset sale.