Hot stock: HPL falls 2.6% on news of CPIB probe into Ong Beng Seng

SHARES of Hotel Properties Limited (HPL) closed 2.6 per cent lower on Friday (Jul 14) after the company announced that its co-founder and managing director, Ong Beng Seng, had been issued a notice of arrest.

The hotel-focused investment holding company fell as much as S$0.27 or 7 per cent to S$3.59 at the opening bell.

It eventually climbed to its closing price of S$3.76, down S$0.10 or 2.6 per cent, after 407,800 shares worth S$1.5 million changed hands.