Another Day, Another Plunge in Dubai’s Worst Performing Stock

(Bloomberg) -- Drake & Scull’s shares plunged the maximum allowed in Dubai for a third day in a row.

The stock sank to 72 fils on Wednesday as the rout that began on June 14 intensified. The company has lost more than a third of its value in nine days, the longest losing run in four years. Dubai’s main stock gauge lost 0.7 percent on Wednesday.

Drake & Scull said on Tuesday there’s no reason why its stock should plummet. It said operational progress on current projects is on track and confirmed the company’s “ability to secure new projects in civil and MEP sectors across key regional markets.”

The company said earlier this month that a committee completed an investigation into "violations" by previous management and forwarded the report to the authorities for legal proceedings.

©2018 Bloomberg L.P.

Stay Updated With OnWeb News On BloombergQuint