BUZZ — UK's Pennon falls on discounted rights issue, dividend cut

* Shares in British water utility Pennon Group down about 16.3% at 378.2p, lowest since January 2025 * Stock top loser on FTSE midcaps index, tracks worst intra-day fall since December 1999 * Launches about £550 million ($728.5 million) rights issue at 250 pence, a near 45% discount to last close * Rights issue to fund increased investment in regulated water businesses * Co cuts FY dividend to £125 million from £138 million a year ago * YTD, PNN fell ~14% as of last close ($1 = 0.7548 pounds) (Reporting by Jahanvi Kothari in Bengaluru) ((jahanvi.kothari@thomsonreuters.com)