HK's IRC tumbles most in near 3 years as unit faces heat in Russia
04/06/2021 04:07
** Shares of industrial commodities products and iron ore
producer IRC Ltd 1029.HK plunge 28.1% to HK$0.223, the biggest
intraday percentage drop since September 2018
** Stock hits the lowest since April 16 and on course for
third straight session of decline; the biggest percentage loser
on the Hong Kong bourse
** Says an administrative offence proceeding has been
brought against its unit, Kimkano-Sutarsky Mining and
Beneficiation Plant LLC (K&S), by Russian Federal Service for
Environmental, Technological and Nuclear Supervision for
operating a project without requisite approvals urn:newsml:reuters.com:*:nFWN2NL112
** Potential outcome of the proceeding is unclear while K&S
may face a fine and may be required to suspend its operations
until necessary approvals are received
** Hong Kong's material index .HSCIM falls 2.8%, while the
benchmark index .HSI gains 0.02%
** As of last close, the stock had more than doubled in
value this year
(Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)