Elektra Plunge Strikes Salinas From Ranks of World’s 500 Richest
- Stock of Mexico retailer slumps 71% as four-month halt ends
- Company had been caught in tug of war with regulators
Photographer: Susana Gonzalez/Bloomberg
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Shares of Grupo Elektra tumbled 71% on Monday as trading resumed following a months-long halt, wiping off $5.5 billion from the fortune of billionaire Ricardo Salinas Pliego and pushing him out of the world’s top 500 wealthiest list.
Shares of Elektra ended the session at 274.27 pesos per share, compared with the 944.95 price at which they last traded in July. Bolsa Mexicana de Valores said in a filing early Monday that it had been asked by regulators to let the stock trade even if it blew past circuit breakers in the premarket auction — a mechanism which had barred it for days from starting back up.