SBM of Mauritius Drops to Record Low After Uncovering More Fraud
- Stock drops most since it began trading four years ago
- Lender announced on Wednesday it was victim of cyber fraud
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SBM Holdings Ltd. slumped to a four-year low after the owner of Mauritius’s second-biggest lender said its uncovered another fraud at its operations.
The stock dropped as much as 7.7 percent and traded down 6.2 percent at 6.10 rupees by 12:52 p.m. in Port Louis, the capital, the lowest since the holding company began trading on the Stock Exchange of Mauritius on Oct. 6, 2014. The shares have fallen 19 percent this year, under-performing the benchmark Semdex Index, which has risen 2 percent over the same period.