Fortescue Ltd's stock price plummeted 5.01% during intraday trading on Friday, reflecting significant selling pressure on the mining giant.

The sharp decline follows the company's announcement that the original upstream hydrogen reduction circuit for its Green Metal Project is not being completed at this time, signaling a potential delay or scaling back of a key decarbonization initiative. Additionally, despite reporting a 5% jump in third-quarter iron ore shipments to 48.4 million tonnes, the result narrowly missed market estimates, disappointing investors.

Broader market sentiment was also weighed down by escalating tensions in the Middle East, which fueled uncertainty and a risk-off mood across Australian equities during the session.