Noble Group founder sells $200m stake amid stock slump

16 Nov 2012

Noble Group founder Harindarpal ‘Harry’ Banga raised S$247.5m ($202.1m) from selling a stake on Monday night, coming to the market despite a decline in the company’s stock price after it reported lower-than-expected earnings last week.

After its results announcement on November 8, Noble’s stock had fallen around 10% to close at S$1.165 on Monday. But Banga’s block sale later that evening precipitated a further 7.3% decline in the stock price on Wednesday, following Tuesday’s public holiday in Singapore. The stock fell a further ...

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