The Globe and Mail reports in its Wednesday edition that something has gone seriously off the rails at Alstom SA, the giant French train maker that bought Bombardier's rolling stock business in 2021 and counts Quebec's Caisse pension fund as its biggest shareholder. The Globe's Konrad Yakabuski writes that investors have bailed as Alstom burns through cash amid repeated delays in fulfilling contracts and bringing Bombardier's factories up to speed. Alstom's stock posted the largest single-day drop of any listing on the Paris Stock Exchange's CAC 40 index in 17 years when it plunged by 38 per cent on Oct. 5, after the company announced preliminary first-half financial results showing negative free cash flow. A massive contract it inherited from Bombardier Transportation (BT) to supply 443 Aventra trains to British rail operators has been a huge drag on Alstom's performance. The rout pushes the overall decline in Alstom's share price to more than 70 per cent since it bought Berlin-based BT nearly three years ago. The Caisse has seen the value of its more than 66 million shares in Alstom shrink to less than $1.2-billion from $4-billion. On Oct. 12, Moody's changed its outlook on the rating to negative from stable.