It managed to claw back half-a-sen to end the day at 45.5 sen, down 39%, giving it a market capitalisation of RM406 million.

The stock’s sell down started yesterday when it fell 15.25% or 13.5 sen to 75 sen. Since hitting its all-time high of 88.5 sen on Monday, it has crashed 48.59% or 43 sen, slashing RM384 million from its market capitalisation.

The counter was the third most actively traded stock today, with 135.44 million shares changing hands.

The group has yet to respond to Bursa Securities’ UMA query. The regulator had asked Mercury Securities to disclose if there were any corporate developments, or any rumour or report relating to its business and affairs which may account for the sharp drop in its share price.

Mercury Securities made a modest debut on the ACE Market on Sept 19 last year. It opened at 27 sen, a premium of 2 sen or 8% compared to its initial public offering (IPO) price of 25 sen.

It has risen steadily since, and was up 254% from its IPO price when it hit its all-time high of 88.5 sen on Monday.

The group posted a net loss of RM421,704 in its fourth quarter ended Oct 31, 2023 (Q4 FY2023). For FY2023, its net profit came in at RM8.38 million on revenue of RM27.41 million.

The group was founded by Chew Sing Guan, who is also its largest shareholder with a 37% direct stake.