Gulf Navigation shares plummeted yesterday after it reported a doubling of annual losses and the company's auditors warned that its future depends upon the willingness of its lenders to keep it afloat.
Shares in the Dubai-based shipping company, which deals in cargoes of oil and chemicals, fell as much as 9.8 per cent to 22 fils each, their lowest level in more than a year.
The company's stocks rallied later in the trading day, but nevertheless closed down 8.2 per cent at 22.4 fils per share.
Read more: http://www.thenational.ae/thenationalconversation/industry-insights/shipping/shares-dive-with-losses-up-for-gulf-navigation#ixzz2PHMJSP5U
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