Viasat plunges 30% as new satellite suffered a malfunction

Viasat is an American communication company that provides its services using satellites. The company said that some unexpected event occurred during the deployment of the reflector of the new satellite Viasat-3 that was carried by SpaceX Falcon rocket in April. CEO of the company, Mark Dankberg said in a statement that the issue may materially impact the performance of the satellite but the company is working on a solution.

The company did not say which company was the manufacturer of the reflector but it was noted that it is not Boeing which was also involved in building the satellite. People with the knowledge said that it may be reflectors made by Northrop Grumman.

Viasat (VSAT.US) plunged more than 30% at the start of the session,  Boeing (BA.US) is up by 0.1%, and Northrop Grumman decreases by only 0.18%.

VSAT plunged but decreases only 9% this year. NOC is not responding to speculations about being a manufacturer of the reflector but loses about 17% YTD. Source: xStation5