Ayen Falls After Losing Auction for State Electrical Grid

Ayen Enerji AS (AYEN), a Turkish utility, fell in Istanbul after it was beaten an auction for a stake in an electricity distribution grid.

The shares dropped 3.1 percent to 1.55 liras at the close in Istanbul, the biggest decline since March 29.

Yonca Enerji won the auction for a 20 percent stake in the electricity grid in the central province of Kayseri, with a bid of $16.05 million, the government’s asset sales agency said today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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