Ayala Corp shares tank as Mitsubishi sells shares
Shares of conglomerate Ayala Corp. suffered its biggest drop in nearly six months after Japan’s largest trading company Mitsubishi Corp. sold some of its shares in the Ayala-led holding firm.
Mitsubishi reportedly raised $152 million from the sale of about 8.5 million AC shares at P934 each or at a discount.
AC shares slid by as much as seven percent to close at P937 each share or 7.2 percent lower than Monday’s close.
The sale of AC shares was the biggest drag on the market today, which shed 2.14 percent or 175.94 points to close at 8,059.60. Net foreign selling amounted to P3.83 billion.