Olam falls 6%, extends losses after Muddy Waters report

Shares of Olam International extended losses in late trade on Tuesday, closing down 6% after short-seller Muddy Waters alleged the Singapore commodities firm had accounting problems in a long-awaited research report.

Olam closed at $1.56, down $0.10 at the close of trade, according to data on Thomson Reuters.

The stock was down more than 3% shortly after the report was released in which Muddy Waters described the company as a “strong sell” and said there is a high risk it could fail.