Dye & Durham Suffers Record Drop on Canadian Property Woes
- Selloff pushes software maker’s market value below C$1 billion
- CEO sets goal to reduce real estate exposure to 33% of revenue
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Dye & Durham Ltd.’s share price is the latest victim of the slowdown in Canada’s struggling property market, as the real estate software maker’s stock sustained its biggest one-day plunge ever on Thursday.
The Toronto-based company fell 19%, the most on record, after posting a larger-than-expected net loss for its fiscal fourth quarter. The stock slipped below the C$1 billion ($740 million) market capitalization threshold, making it one of the smallest companies by value in Canada’s benchmark S&P/TSX Composite Index.