Samsonite’s Stock Rout Deepens
- Two-day drop of 21% is most on record for luggage maker
- Company says allegations are one-sided and misleading
A Samsonite store in New York.
Photographer: Sarah Blesener/BloombergThis article is for subscribers only.
Samsonite International SA capped its biggest two-day stock plunge on record as investors dismissed the company’s response to a short-seller’s allegations of accounting lapses and poor corporate governance.
The world’s largest branded-luggage maker dropped 12 percent in Hong Kong trading on Friday, to HK$26.90, the lowest level in more than a year. The company’s shares have plunged 21 percent since Blue Orca Capital released its report on Thursday, resulting in a $1.3 billion loss in market capitalization.