Capitec Bank Drops After Viceroy Casts Doubt Over Its Finances
- Short seller says bank may be concealing losses on loans
- Stocks that had been speculated to be Viceroy’s target gain
Capitec CEO Says Viceroy Report ‘Very Inaccurate’
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Capitec Bank Holdings Ltd. shares lost as much as a fourth of their value after short-seller Viceroy Research said the lender may be concealing losses.
The Stellenbosch, South Africa-based bank’s stock dropped the most on record to 705 rand, as the volume of trades soared to the highest since 2015. PSG Group Ltd., the bank’s biggest shareholder, sank as much as 24 percent and the FTSE/JSE Africa All Share Index was set for the biggest loss in more than a year.