EGRN - Why China Evergrande Stock Tanked on Friday
Shares of China Evergrande Group (OTC: EGRN.F) had a wild ride on Friday. The penny stock soared in the morning and was up by 27% at 1:02 p.m. ET to nearly $0.16. Then it fell precipitously in the afternoon, and by the closing bell, it was back down to $0.11 per share -- down 10.93% for the day.
The catalyst was the resignation of its CEO and chief financial officer amid an internal investigation.
China Evergrande Group is one of the largest property developers in China, and it has amassed a huge quantity of debt, which is becoming more problematic due to that country's struggling real estate market.
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Why China Evergrande Stock Tanked on Friday