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Vard stock falls 28%, SGX investigates 'unusual price movements'

Vard stock falls 28%, SGX investigates 'unusual price movements'
The share price of offshore yard group Vard plunged around 28% in early trading, prompting an investigation from the Singapore Stock Exchange (SGX).

SGX have issued a "trade with caution" notice on the company's securities.

Vard's shares closed at SGD0.38 on Tuesday after historically average trading volumes. Within a few minutes of opening this morning, the stock was down to SGD0.28 with trading volumes well above those seen over the past few months.

The company has stated that it is in compliance with the exchange's trading rules, particularly with regards to disclosure of information.

The share price rebounded through the day, reaching SGD0.34 at the time of writing, a 9% drop on the opening price.

None of the analysts covering Vard were prepared to make any comment on the situation when approached by Seatrade Maritime News, but some SGX-focused messaging boards are speculating that the events are the product of a short-seller attack. Another Singapore stock, commodities and shipping group Noble, has been hit by short-sellers in recent months.