Core Lithium (ASX:CXO), a lithium extraction company headquartered in Australia, has seen a significant decline in their shares, with a reduction of as much as 9.1% to A$0.20.
This evident plunge is noted as being the most significant intra-day percentage decrease since Jan.
The company’s loss after income tax summated to A$167.6 million, in contrast with a loss from continued operations of A$9.2 million reported a year ago.
This unfavorable financial performance is further complemented by a consequential announcement that CEO Gareth Manderson will be stepping down as a part of the company’s strategic review.
The shares of Core Lithium (ASX:CXO) hit their lowest level since Feb.
15, making the company the most significant percentage gainer/loser on the benchmark S&P/ASX 200 index.
Over 21.5 million shares changed hands in comparison with the 30-day average volume of approximately 19.6 million shares.
According to financial services multinational Citi, ‘We maintain our Sell; holders are essentiality buying an option here on an upper-cost quartile project.’ Core Lithium’s (ASX:CXO) stock is down by 12% this year as of last close, in comparison to a 1.6% increase in AXJO.
Company description: Core Lithium (ASX:CXO) is an Australian-based company mainly involved in lithium extraction and exploration.