Mol Nyrt. dropped the most in more than 15 months amid soaring volume as Dana Gas PJSC sold a part of its stake in Hungary’s largest refiner.
Mol fell 5 percent to 17,600 forint at the close in Budapest, the most since Nov. 2, 2011. Traders bought and sold more than 710,000 shares on the bourse, eight times the stock’s three-month average. The benchmark BUX stock index, in which Mol has the second-biggest weighting at 32 percent, declined 0.4 percent.
Dana sold 1.675 million shares at 17,575 forint apiece in an accelerated bookbuilding, according to the terms obtained by Bloomberg News. Bank of America Corp. and Citigroup Inc. were joint bookrunners. Dana agreed on a three-month lock-up to hold its remaining stake of 1.486 million Mol shares.
“The news is clearly negative,” Peter Csaszar, a Warsaw-based analyst at KBC Groep NV, wrote in an e-mailed report today. The shares may drop as much as the discount offered by Dana, Csaszar said.