Investors wiped $70 billion off Novo Nordisk's market value on Tuesday after the maker of weight-loss drug Wegovy issued a profit warning and named a new CEO, as it battles rising competition in the obesity drug market.

The Danish-maker of Wegovy and Ozempic has warned that its full-year sales and profits will not grow as quickly as expected as more "knock-off" weight-loss drugs emerge. Novo Nordisk's share price tumbled by more than 20% as it cut its outlook and named a new chief executive to replace Lars Fruergaard Jørgensen,