Naspers Tumbles Most Since 2008 After Tencent Misses Estimates

(Bloomberg) -- Naspers Ltd., Africa’s largest company by value, plunged the most in almost 10 years in Johannesburg trading after Chinese internet giant Tencent Holdings Ltd. posted earnings that missed analyst estimates.

Naspers, which owns a 31 percent stake in Tencent, slumped as much as 10 percent, the most intraday since October 2008. The South African benchmark index dropped as much as 2.7 percent Wednesday, reflecting Naspers’s 18 percent weighting in the gauge.

Naspers Tumbles Most Since 2008 After Tencent Misses Estimates

Naspers was 6.3 percent lower as of 12:53 p.m.

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