PETALING JAYA: Tanco Holdings Bhd
has lost nearly RM7.7bil in market value within a week as the stock hit limit-down for three straight days.
The company, which is in the middle of building an artificial intelligence port in Port Dickson, saw its share price plunge 37.5% yesterday, extending its steep decline since June 4.
The stock closed at 50 sen compared with a recent high of RM1.76 on June 3.
About 37 million shares changed hands yesterday, with over 87 million shares on the sell queue at 50 sen by market close.
Tanco’s market capitalisation has fallen from RM10.8bil on June 3 to a staggering RM3.07bil. The stock was the sixth biggest loser on Bursa Malaysia yesterday.
Tanco group managing director Datuk Seri Andrew Tan Jun Suan sold over 24.6 million shares on June 9.
