Behind the “Shock” That Wiped 22,000 Billion VND From PNJ’s Market Cap

At the close on Oct. 13, PNJ shares stood at VND 19,200 per share, a market cap of over VND 9,800 billion, down nearly 70% since early July, which equals about VND 22,400 billion in lost market value. The slide followed legal news tied to a diamond smuggling case involving P-Lab, a Q2 loss of about VND 283 billion driven by provisions of about VND 865 billion for a buyback program, and share sales by relatives of the board chairman, including two daughters and a younger brother. The company also proposed a private placement of up to 550 million shares, against about 511.7 million shares outstanding. Short rebounds, such as a 6.8% gain on Oct. 9, have not reversed a decline that has lasted more than three months.

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Original headline: Đằng sau “cú sốc” thổi bay 22.000 tỷ đồng vốn hoá của PNJ

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