Shares of Philippine airline Cebu Pacific were sent on a roller coaster ride after an alleged error in a sell order, according to the Financial Times.
Shortly before the market close on Tuesday, shares of Cebu Pacific plunged more than 37% from 92.65 pesos per share to 58 pesos.
The sharp sell-off was attributed to "an obvious trading error" in selling price at a major broker, according to an analyst who spoke to the Financial Times. A plane belonging to Cebu Air, Inc., operating as Cebu Pacific and informally known as Cebu Pac, a Philippine low-cost airline, seen at Manila Ninoy Aquino International Airport.Shares of Philippine airline Cebu Pacific were sent on a roller coaster ride after an alleged error in a sell order, according to aShortly before the market close on Tuesday, shares of Cebu Pacific plunged more than 37% from 92.65 pesos per share to 58 pesos.
The stock surged 50% to 87 pesos per share as of Wednesday afternoon trade — still off levels seen before the sudden drop on Tuesday — as a result of limits for stock movements on the Philippine Stock Exchange. It could, however, still make a full recovery during the exchange's run-off period as the cap is lifted then, the FT said.
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