China Coal Plunges Most in Three Years as Parent Halts Mines
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China Coal Energy Co. plunged the most in almost three years in Hong Kong trading, after its parent was ordered to cease operations in Shanxi province following a fatal mine accident.
The unit of China’s second-biggest coal producer slumped 17 percent to HK$8.26 before the company sought a trading halt. The decline was the biggest since the stock dropped 20 percent on Oct. 27, 2008 and erased HK$13 billion ($1.7 billion) in market value. The benchmark Hang Seng index fell 2.2 percent.