Jardine Matheson's shares collapsed 83% in 24 January

From a closing price of $90.40, its share price crashed to about $14.95 before rebounding to $90.85 on the same day.

Reuters reported that Jardine Matheson saw its shares traded down 83% on 24 January, wiping about $55.76b (US$41b) off its market value before its rebound which, according to the Singapore Exchange (SGX) is not just a ‘fat finger’ error but an orderly trading.

Traders noted that about 167,500 shares of the firm traded at $14.95 (US$10.99) compared to its closing price of $90.40 (US$66.47).

Trading was orderly and there was no sign of manipulation. We have also ascertained that the orders were not due to fat finger errors or any malfunctioning systems on the part of the participants,” SGX said in a statement, noting that sellers could have withdrawn their orders if they did not wish to sell at that price.

Jardine Matheson’s shares bounced back to trade at $90.85 (US$66.80) later on in the same day.

Here’s more from Reuters.

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