The Swedish automobile giant Volvo (OTC:VLVLY) experienced a significant drop in its share value, hitting an all-time low, following the initiation of a massive share sale by its parent company, Zhejiang Geely Holding Group.
What Happened: As reported by CNBC on Thursday, Volvo’s shares experienced a drastic fall of 14% on Friday morning as Geely kickstarted the share sale. Although the shares had slightly rebounded, they were still down by 10.31%. According to Reuters data, this marked a record low in the company’s share value.
In a statement released on Friday, Geely, the parent company, confirmed the share release of Volvo. The action was described as a part of their long-term strategy aimed at improving Volvo’s ...