top of page
Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.


The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

29 Nov 2021

Evergrande Shares Fall After Chairman Sells Stake

The Index Today

China Evergrande Group’s shares saw a major decline of 4.8% on Monday. The slump in shares occurred after the chairman sold off some of his stake to raise $344 million.

The company’s shares fell by 8.40% to HK$2.29 by 11:53PM ET. On the other hand, the electric vehicle unit of Evergrande also saw shares fall by 13.11% to HK$4.11. Evergrande’s slump in shares came after it said it still in the process of finding ways to raise investment.

Evergrande’s chairman sold around 1.2 billion worth of shares with an average share price of HK$2.23. The company has been struggling to manage its debt crisis in the past months. Authorities have asked the company to tap into its personal wealth fund to raise money to pay off bondholders.

Investors are eagerly waiting to see if the coupon payments worth $82.5 million will be paid by the company soon. These coupon payments were due on the 6th of November and come with a grace period of 30 days. China Evergrande is one of the leading organizations in the real estate sector and has suffered a debt worth 300 billion.

©Photo: Reuters

Clay pottery with table linens
bottom of page