Singapore-listed shares of Olam International, fell 11% in heavy volume as trading resumed after media reports said short-seller Muddy Waters had questioned accounting practices at the company.
Olam defended its accounting practices and accused Muddy Waters founder Carson Block of making “baseless and unsubstantiated assertions” against it. Olam’s shares fell 21% in after-hours trading in the U.S.
Shares in Olam, nearly 16%-owned by state investor Temasek Holdings, were down 10.6% at $1.55 by 1540 local time.
It was the biggest loser in a firm benchmark index and volume surged to 29 million shares, more than double its average full-day volume over the last 30 days.
On Monday, Olam’s Singapore shares closed at the lowest in five months.
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