SYDNEY: Investors in Australia's largest insurer, AMP, watched helplessly yesterday as the stock crashed 36%, slashing its value by US$2.4bil after it decided to split from its British subsidiaries.
Amid allegations they were misled by AMP Ltd, shareholders had spent the weekend bracing for the expected plunge to record lows after the group last Friday issued new shares at a discount price of A$5.50, collecting A$1.22bil in a capital raising.
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