Gupta-owned company shares dive 91% as websites downed by hackers
15 June 2016
Cape Town – Gupta-owned Oakbay Resources and Energy’s [JSE:ORL] share price plummeted by over 90% on the JSE on Wednesday, the same day that hackers attacked the company’s websites and shut them down.
The JSE-listed company was trading R20.86 lower at R2.14, with only 30 shares trading. The company, with a market cap of R1.71bn, was working off a price to earnings ratio of -3 382. The JSE average is around 16.
Normally, the JSE freezes any listed company whose share price dives by over 30% in a single session. However, the JSE told Fin24 that Oakbay is listed in the ZA03 segment of the market and this segment does not have circuit breaker alerts.
"Oakbay is an extremely illiquid instrument that trades very rarely," the JSE said. "At the time of today’s trade the spread (difference between buying and selling orders) was 214 to 2 300, a person wished to sell 30 shares and the best bid was 214. There is nothing that raises questions about this trade."