Silverlake Axis halts trading after stock falls 27% on short-seller report

SOFTWARE solutions provider Silverlake Axis called for a trading halt "with immediate effect" pending an announcement, after its stock fell by as much as 27 per cent to an intra-day low of S$0.615.

Slightly before that, the Singapore Exchange had also queried its "unusual price movements" and asked the company if it was aware of any information not previously announced that might explain its trading.

By 1.20pm, it was trading at S$0.635, still down 24 per cent. It was among the top 10 most heavily traded stocks with a trading volume of 22.9 million, compared to just 6.4 million on Thursday.

This followed the release of a 42-page report that recommended shorting the stock. The report was released on Thursday night and continued making its rounds around broking houses on Friday. It had placed a S$0.29 target price on the company.

It is unclear who or which organisation had produced the report, which was authored by someone with the moniker "razor99".