Shares of AVJennings (ASX:AVJ) saw a drastic drop of as much as 37.5%, plunging to A$0.250.

This is the lowest it’s been since November 14, 2012.

The decline currently stands at about 22%, and the stock is on course for its worst day ever if the trend persists.

The real estate company announced that it has completed the institutional component of its entitlement offer, amounting to A$30.4 million (approximately $19.2 million), raising A$18.1 million.

The company raised capital at an issue price of A$0.20 per share, which is a discount of 42.2% to its last closing price.

More than 1.5 million shares have changed hands, marking the highest turnover since June 2, 2020.

Despite this, the stock has fallen 1.2% this year, as of the most recent close.

AVJennings (ASX:AVJ) is a reputable real estate company, offering a range of residential properties to the global market.