Police interrogated the staff and the company lost about Rs 2200 crore in 5 minutes. - Newztezz Online

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Monday, September 18, 2023

Police interrogated the staff and the company lost about Rs 2200 crore in 5 minutes.

Shares of China's largest real estate group Evergrande fell 25 percent in 5 minutes and suffered a loss of Rs 2200 crore in Indian rupees. Let us also tell you why such a huge decline was seen in the shares of Evergrande.

China and its real estate sector are going through very bad days. Which started with the crash of Evergrande a few years ago. Trading of the company was stopped from the stock market. Which started only last month. However, after the initial decline in the company's shares, the situation seemed to be improving. But with the opening of the Hong Kong market on Monday, the company's shares crashed by 25 percent in five minutes. According to the company's investors, about Rs 2200 crores were lost.

25 percent decline in shares

In fact, employees of the company's money management unit have been detained. Due to which the company's shares have seen a decline of 25 percent. If experts are to be believed, the new investigation being conducted by the police may create new problems for this giant of the property market. According to the information, the stock fell 25 percent to 0.465 Hong Kong dollars in morning trade, which is the lowest level in two weeks. Talking about the figures, the company's shares opened today at 0.560 Hong Kong dollars. During the trading session, the company's shares also reached the day's high at 0.680 Hong Kong dollars. At 9:35 am China time, the company's shares came to 0.465 Hong Kong dollars. By the way, according to China time, it has come to 0.63 Hong Kong dollar at 11.02 minutes.

Rs 2200 crore looted in 5 minutes

Investors have suffered huge losses after the company's shares fell by Rs 25 within 5 minutes. If seen in Indian Rupees, the company suffered a loss of Rs 2200 crore from its market cap. Investors lost 207 crore Hong Kong dollars. The market cap of the company in Hong Kong stock market is 8.319 billion Hong Kong dollars. If experts are to be believed, the company's shares may continue to fall in the coming days.


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