Shipbuilder Vard Holdings on Wednesday afternoon said it "is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which, if known, might explain the trading."
"The company confirms that it is in compliance with the listing rules of the SGX-ST, in particular, Rule 703 regarding disclosure of material information," it said.
By 4.41pm, it had recovered some ground to S$0.335, still down 4 Singapore cents and 10.7 per cent. It had fallen as much as 28 per cent to S$0.27 in the morning, a level it had never reached before since it listed in 2010.
In response, the Singapore Exchange slapped a "Trade with Caution" notice on the counter, advising shareholders and potential investors to be careful when dealing with its securities.
It said: "The exchange will investigate all possible transgressions and will work with the relevant regulatory agencies to pursue actions to maintain a fair, orderly and transparent market."