BYD share value slumps
Updated: 2011-09-16 13:34
By Meng Fanbin (chinadaily.com.cn)
The opening share prices of BYD Auto Co Ltd (BYD) was 22 yuan on Tuesday, and the closing price reached 21.13 yuan, a drop of 6.26 percent on the first day of Mid-autumn festival.
In the latest ten trading days, BYD's share price continuously slumped, dropping more than 20 percent.
BYD recently conducted a mass layoff of employees and has had to deal with serious product quality issues. Both incidents have been damaging to the company.
The company is now facing its most severe crisis since being listed.
The share price of the company has dropped sharply recently, from HK$88.4 in the peak to HK$15.04 present in the Hong Kong Stock Market within two years and from 34 yuan in peak to 21.12 yuan present in Shenzhen within 3 months.
Given the influence of the recent events, BYD may need a while to recover its reputation.
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