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IOI Corp's share price plunged on panic selling yesterday, on talk that a senior finance executive has resigned to take responsibility for foreign exchange losses incurred by the company.
The stock fell 57 sen or 19 per cent to close at RM2.45. The sell-off of about 121 million shares wiped off almost RM3.5 billion of IOI Corp's market capitalisation.
In its filing to the stock exchange yesterday, IOI Corp said making losses or gains on forward currency contracts is a normal course of events for the company's downstream businesses. It said losses or gains on forward contracts, even though unrealised, will have to be disclosed first whereas the corresponding …