July 30 (Bloomberg) -- Desarrolladora Homex SAB, Mexico’s biggest homebuilder by 2012 revenue, plunged to a record low, extending a three-day selloff that has been the steepest in the world.
The shares fell 13 percent to 2.76 pesos at 12:12 p.m. in Mexico City, pushing the three-day plunge to 58 percent, the most among 2,588 securities on the Bloomberg World Index with average daily trading volume exceeding 1 million shares in the past 30 days.
The builder said July 25 that it had losses of 10.2 billion pesos ($800 million) in the second quarter. The deficit was the Culiacan, Mexico-based company’s biggest on record and exceeded the average projection for a 29 million peso loss among analysts surveyed by Bloomberg. Homex said in a regulatory filing that it didn’t have any additional information to explain today’s rout.
Mexico’s three biggest homebuilders have hired advisers to restructure debt after changes in government housing policy led to a dropoff in sales and a shift to more capital-intensive apartment construction, depleting cash balances.
The shares of competitors Corp. Geo SAB and Urbi Desarrollos Urbanos SAB were suspended from trading after they failed to meet the Mexican stock exchange’s deadline last week for reporting second-quarter results.
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