Aussie luxury online retailer Cettire falls most in about 3 yrs on investigative report

Cettire

06/03/2024 03:08

** Shares of Cettire Ltd  CTT.AX  plunge as much as 26.8% to
A$3.410, posting their biggest intraday pct loss since June 15,
2021 
    ** Stock the biggest loser on the ASX All Ordinaries index
 .AORD  
    ** The luxury online retailer plunges after an investigative
local media report said co withheld duties to be paid to
Australian customs
    ** Co says all applicable duties and other import charges
are paid to the relevant authorities at the point of customs
clearance
    ** "In Australia, Cettire has a direct debit arrangement in
place with the Department of Home Affairs to facilitate direct
payment of applicable duties prior to customs clearance" - co 
    ** Shares hit their lowest level since Feb. 26 
    ** About 12.4 mln shares exchange hands vs the 30-day avg of
3.7 mln shares 
    ** Day's losses pare YTD gains to 37.2%

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))