Australia's Zip Co shares fell 50.5% on Friday after a fraud incident in the US hurt growth. The buy now, pay later firm saw its market value drop by A$1.30 billion during the session. This hit to transaction volumes sent the company’s stock to its lowest level in two years.
Oct 23 (Reuters) - Australia's Zip Co (ZIP.AX), opens new tab said on Friday an external fraud incident in the US during its fiscal first quarter temporarily weighed on transaction volumes and new customer growth, sending its shares to their lowest level in more than two years.
Shares of the buy now, pay later firm plunged as much as 50.5% to A$1.025 by 2322 GMT, marking their worst intraday session. The selloff erased about A$1.30 billion ($912.08 million) from Zip's market value in early trade before the shares pared some losses.
Sign up here.