Shares belonging to Nickel Industries (ASX:NIC) plummeted by as much as 3.5% down to A$0.753, marking the lowest level since August 31.

The stock, which is currently down 2.9%, may see its worst day since September 6 if the losses adhere.

Nickel Industries sustained the hit after it successfully placed 19.99% of the company’s ordinary shares with United Tractor’s unit PT Danusa Tambang Nusantara.

Nickel Industries claims the placement followed an issuance of 857 million shares and the subsequent receipt of the subscription amount of A$942.7 million ($604.74 million).

Nickel Industries has seen a 19.6% slump in its stock this year as of the last closure.

Nickel Industries is a specialty mining company.