Hurriyet Drops Most in a Month on Report Acquittals Reversed

Hurriyet Gazetecilik AS (HURGZ), publisher of the Turkish newspaper Hurriyet, fell the most in almost a month after Star reported the acquittal of some of executives in a case involving alleged shareholder losses was overturned.

The shares retreated 5 percent to 96 kurus at the close in Istanbul, the biggest drop since April 12. Dogan Gazetecilik AS (DGZTE), a sister company under the Dogan media group whose executives’ acquittal was also overturned, according to Star, retreated 1.9 percent to 1.53 liras, the lowest close since January.

The top court in Ankara overturned an Istanbul court’s ruling which had acquitted the executives in the case on charges of causing losses for minority shareholders by reducing profit via paper imports, according to Star.

Hurriyet and Dogan Gazetecilik are units of media group Dogan Yayin Holding AS (DYHOL), which fell 2.9 percent to 66 kurus. Banu Camlitepe, a Dogan spokeswoman, did not immediately respond to requests for comment by phone and e-mail.

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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