Chairman, Directors cash in before Asia Asset bursts

Thursday, 19 January 2012 00:47 - - {{hitsCtrl.values.hits}}

Speculative star Asia Asset Finance yesterday saw its value plunge by 62% to Rs. 5.50 after hitting a peak of Rs. 8.90.

The bizarre performance of Asia Asset Finance has baffled the market as it was the only IPO to be undersubscribed in recent years despite its share priced at Rs. 2.50.

On Tuesday when the price hit a high of Rs. 8.50 among those who cashed in were Chairman Mano Nanayakkara (two million shares sold at Rs. 7.78), S. Abeyesinghe (two million shares at Rs. 7.94) and Priyanthi Pieris (400,000 shares at prices ranging between Rs. 8.50 and Rs. 8.20 each)