Renaissance Services SAOG dropped to the lowest in more than two years as EFG-Hermes Holding SAE cut the Omani provider of services to the oil and gas industry to “neutral” and after first-half profit tumbled 77 percent.
The shares slumped 10 percent to 0.559 rial, the lowest intraday level since April 2009, at 10:44 a.m. in Muscat. The stock has tumbled 19 percent in the past two days, the biggest drop since the company started trading in 2002.
EFG lowered the stock from “buy” with a 12-month price estimate of 0.68 rial. Net income retreated to 2.26 million rials ($5.9 million) from 9.79 million rials a year earlier, the company said Aug. 15.
Separately, the company said yesterday the chief executive officer of its Topaz unit stepped down in May after it “uncovered some serious issues” at the unit.