Shares of the property developer plunged as much as 49 sen or 29.5% to RM1.17, making it the second biggest loser on the local bourse with 28.4 million shares changing hands. At that price, the company is valued at RM979.67 million.

Bursa Malaysia also slapped the group with an unusual market activity (UMA) query, asking it to explain the reasons for the sharp decline in its share price.

It is unclear why investors dumped the company’s shares this morning.

On Monday, Lagenda announced its net profit rose 8.6% to RM42.72 million for the first quarter ended March 31 (Q1 FY2024) from RM39.34 million a year ago.

Q1 revenue increased 24.7% to RM225.62 million from RM180.95 million in Q1 FY2023.

The profit increase was largely contributed by newly launched projects including Darulaman Lagenda in Kedah, as well as Lagenda Teluk Intan and Lagenda Tropika in Perak.

Bloomberg data revealed that five out of five institutional analysts covering the stock had “buy” calls, with a consensus 12-month average target price of RM2.04.

The group focusses on developing townships catering to homebuyers under the B40 and M40 income groups.