NationGate short selling halted after 15pct price slide
The share price plunged as much as 16 per cent to hit an intraday low of RM1.35, valuing the company at RM3.3 billion.
At midday, NationGate's stock closed 14 sen or 8.7 per cent lower at RM1.46 with a total of 69.36 million shares changing hands.
The stock fell after the group's unit NationGate Solution (M) Sdn Bhd was raided by the Malaysian Anti-Corruption Commission (MACC) as part of an ongoing investigation into alleged scrap metal smuggling.
Under MACC's "Op Metal", the raids were led by its special operations division with support from a multi-agency task force comprising the Customs Department, Inland Revenue Board and Bank Negara Malaysia.
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