Australia's Atlas Pearls slumps on lower prices, sales at auction

Atlas Pearls

23/04/2024 06:33

** Shares of Atlas Pearls  ATP.AX  fall as much as 38.2% to
A$0.105, a record intraday percentage loss
    ** Stock hits its lowest level since Nov. 30, 2023
    ** Pearl farmer says it sold 68,786 pieces at A$68.60/piece
during April auction in Japan, compared to 104,000 pieces on
offer
    ** Average price down nearly 39% from "unprecedented high"
of A$112/piece at November auction
    ** Co says prices submitted "did not reflect the true worth
of the goods"
    ** About 7.6 mln shares change hands, compared with the
30-day average volume of nearly 789,000
    ** Stock down 0.5% YTD, based on last close

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))