NEWS

Chinese car maker BYD's shares tumble 29% in Hong Kong

Friday, Dec 19, 2014

Shares in Warren Buffett-backed BYD Co Ltd posted their biggest-ever single-day drop in Hong Kong on Thursday, prompting the Chinese car maker to hold emergency analyst calls.

Shares of BYD, best known for making electric vehicles, ended down 28.8 per cent at HK$25.05 in record trading volume and at one point in the afternoon fell 47 per cent. BYD's Shenzhen-listed shares fell the maximum 10 per cent.

Around 252.7 million BYD Hong Kong shares changed hands, more than 50 times the 90-day average.

BYD said in a statement to the Hong Kong Stock Exchange that the company "is not aware of reasons for such movement or of any information".

BYD and other Chinese car makers have been losing market share to foreign rivals in an increasingly competitive auto market in China.

 

Source : http://economictimes.indiatimes.com/