The counter fell as much as 28 sen or 44.1% to 35.5 sen in the morning trading session. The selling intensified after the midday break.

At 4.37pm, the shares were trading at 33.5 sen, a drop of 47.2% or 30 sen, valuing the group at RM403 million. The stock has tumbled 55.3% year-to-date.

Perak Transit was the second most actively traded stock with 230.5 million shares changing hands, in contrast to its daily average trading volume of 8.4 million shares.

Intraday short selling of the shares was suspended after the stock plunged more than 15% this morning. The suspension will be lifted at 8.30am tomorrow.

It is not immediately clear the reason for the huge dump today as there have been no negative news flow on the company in recent times.

However, there has been a flurry of bourse filings on the disposal and acquisition of company shares by its founder, managing director and largest shareholder Cheong Kong Fitt over the past couple of months.

Cheong, 65, has been paring down his stake during the period. He holds a 14.2% stake (direct and indirect) as of Oct 17 compared with 17.2% at the beginning of September.

Tropicana Corp Bhd founder and executive vice-chairman Danny Tan is also a substantial shareholder with a 6.1% stake as of March 28, 2025.

Cheong established Perak Transit in 2008, and it operates integrated transport terminals in Perak including Ipoh’s Terminal Meru Raya, Kampar Putra Sentral, and Bidor Sentral. The company has also diversified into the property and renewable energy sectors.

Earlier this month, it unveiled a new partnership with Cape EMS Bhd to develop smart infrastructure and renewable energy projects in Perak, including smart bus stops and an electric vehicle hub in Ipoh.

For its six-month period ended June 30, 2025, net profit rose 12% to RM39.6 million on revenue of RM97.5 million.