How this Australian Wine CEO salvaged A$1 billion in 51-minute phone call

The Penfolds producer tumbled 13 percent after the Australian Financial Review reported China wholesalers were sitting on a glut of low-end wine

Treasury Wine Estates Ltd. Chief Executive Officer Mike Clarke rescued almost A$1 billion ($753 million) of market value in 51 minutes with a hastily mounted defense of the company’s business in China.

The Penfolds producer tumbled 13 percent early Thursday after the Australian Financial Review reported China wholesalers were sitting on a glut of low-end wine. Unsold stock had piled up because Treasury was forcing distributors to buy cheaper labels if they wanted to also sell premium brands, the AFR said.

Clarke convened a call with analysts for 11:30 a.m. Sydney time to say he had no interest in working with wholesalers