Taylor Wimpey shares plunged almost 42pc to 35pc - capitalising it at just £369m - when the company conceded that a plan to tap shareholders for nearly £500m had unexpectedly failed. Sources close to the firm said the rights issue fell over when hedge fund Toscafund, which holds 10pc of the shares, refused to put more money into Taylor Wimpey and long-only investors with large holdings refused to take up Tosca's allocation.