IFCA share price dips 8.79% on heavy trading after Brahmal cuts stake

PETALING JAYA: IFCA MSC Bhd yesterday emerged as the sixth most active counter on the local bourse with a drop of 8.79% in its share price after savvy investor, Brahmal Vasudevan, cut his stake in the company.
IFCA shares were down as much as 6.5 sen or 14.29% to 39 sen before closing 4 sen or 8.79% lower at 41.5 sen yesterday, with 61.08 million shares traded.
Brahmal, a private equity fund manager, had disposed 11.25 million shares in IFCA via Pacific Straits Holdings Ltd, ceasing to be a substantial shareholder of the ACE Market-listed company on Sept 2, just days after he acquired 25 million shares or a 5.53% stake in IFCA on Aug 26.
His purchase came a day after the firm was slapped with an unusual market activity query.
IFCA's share price has jumped nearly fourfold over the past three months despite no significant corporate developments being announced.