Drake & Scull’s shares plunged the maximum allowed in Dubai for a third day in a row
The stock sank to 72.9 fils on Wednesday as the rout that began on 14 June intensified. The company has lost more than a third of its value in nine days, the longest losing run in four years. Meanwhile, Dubai’s main stock gauge climbed 0.4 percent as of 10:30 a.m. local time.
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 it confirmed the company’s “ability to secure new projects in civil and MEP sectors across key regional markets.” It 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.