The share price of Multi Finance Plc, a member of Entrust Group dropped to a 52 week low of Rs. 17.10 tumbling by as much as 10.5%, market statistics today showed.
Entrust Securities was taken over by the Central Bank of Sri Lanka as it was unable to meet deadlines assigned to assemble a viable and credible restructuring program and the management of the company has been handed over to the National Savings Bank.
“The drop in investor confidence relating to this incident was depicted in the price of Multi Finance (a related entity to Entrust Securities), as it dropped to a 52wk low price of LKR 17.10, -10.5%,” top Securities Research firm, Lanka Securities Research said in their Daily Market Report released a short while ago.
Further, trading of the counter has been halted pending clarification from the company.
Multi Finance PLC is a registered Finance Company with the Central Bank of Sri Lanka and is also listed on the Diri Savi Board of the Colombo Stock Exchange.