Shares of Billabong have plunged after the firm launched a plan to sell new shares at a heavily discounted price and after it cut its earning forecast.
Its shares fell 49% to A$1.02 on the Australian Securities Exchange.
Last week, the embattled firm launched a rights issue priced at a 44% discount to its closing price of A$1.83 on 20 June.
The firm has been trying to raise new capital in a bid to pay off its debt and has also been hit by falling sales.
Source & Image : BBC
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