Lighting firm Tungda crashes on Hong Kong's second board

Shares in mainland-based Tungda Innovative Lighting Holdings lost 44% of their value in daily trading on Hong Kong's second board after the company delayed release of its financial results a fourth time. The share price of the Growth Enterprise Market-listed company, recently cited for breaching market rules, plummeted 74% at one point, to 7.5 Hong Kong cents, before ending the day at 16.1 cents. The company said that, save for its June 29 statement regarding a further delay in posting its annual results, it wasn't aware of any reason for the price fluctuation. It first announced it needed more time to complete its audit on June 23.