Shares of Rolls-Royce Holdings PLC (LON: RR.) tumbled almost 10% early this morning after the British firm reported a record loss for the first half of the year. 

Rolls-Royce, which produces engines for jets, announced a pre-tax loss of £5.4 billion for the first half of this year. The operating loss was reported at £1.7 billion in the first half of the year as flying hours crashed 70-75% in May, June and July.

As a consequence, Rolls-Royce says it will explore options to sell ITP Aero, its Spanish business, in order to raise at least £2 billion and improve its balance sheet. In the meantime, a cost-slashing campaign has continued with around 4,000 people out of their jobs. 

The company previously announced that as many as 9,000 people may lose their jobs. This is nearly 20% of the total workforce.

Moreover, the engine-maker confirmed plans to close factories in Nottinghamshire and Lancashire. Additional funds will be saved by merging two factories in Barnoldswick, Lancashire, while some operations will be moved to Singapore.

Rolls-Royce stock price plunged almost 10% to trade below 230p once again. Sellers are now approaching the 16-year low at 212p, set earlier this month. The zone between 270p and 290p hosts strong resistance, should the price action turn higher from current levels. 

Still, sellers are in full control of the price action given the recent developments surrounding the engineering giant. On the downside, their first target is 212p, which is the lowest price action traded since 2004. If broken, the support line near 170p comes next. 

Rolls-Royce Holdings stock price plunged again today after the producer of engines for jets posted a record loss for the first half of the year. 

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