The Alstom group announced on Wednesday that it was considering a capital increase, job cuts and the sale of assets as part of a series of efforts to reduce its debt and allay investor concerns.

The stock, which started trading a few minutes late, was down 11.64% at around 08:45 GMT.

"Alstom's negative free cash flow in the first half of the year is a clear call for change. Although demand remains at a sustained level, despite some volatility, our commercial performance has been weak," said Chairman and CEO Henri Poupart-Lafarge in a statement.

Alstom's management has been under pressure since the group sharply downgraded its annual FCF forecast in October.

The company has announced an asset disposal program aimed at generating between €500 million and €1 billion. The group also announced its intention to cut around 1,500 positions in order to achieve its medium-term objectives.

Alstom plans to reduce its net debt by 2 billion euros by March 2025. At September 30, the group reported a net debt of 3.43 billion euros.

The French rail equipment specialist has also indicated that Henri Poupart-Lafarge will step down as Chairman of the Board, while retaining his position as CEO. Alstom's Board of Directors will propose the appointment of Philippe Petitcolin, former CEO of Safran, as Chairman.

Alstom will propose not to pay a dividend for the current fiscal year. (Reported by Olivier Sorgho, Augustin Turpin and Lina Golovnya, edited by Kate Entringer)