Blumont’s Drop With Two Rivals Cut $6.9 Billion: Singapore Mover
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Blumont Group Ltd., Asiasons Capital Ltd. and LionGold Corp. shares fell by a record as restrictions were imposed on their stocks, erasing S$8.6 billion ($6.9 billion) from their market value over two days.
Blumont, which invests in minerals and energy, slumped 85 percent to 13 Singapore cents at the close in Singapore, extending a 56 percent decline on Oct. 4. The two-day, 90 percent drop shaved S$4.9 billion from its market capitalization. The plunge also prompted the company to scrap a deal to buy Australia’s Cokal Ltd. for S$146 million.