The world's best-performing stock of 2019 just lost 98 of its value in a single morning
Get the Full StoryReuters Cheryl Ravelo-GagalacMarble-mining company ArtGo was the world's best-performing stock of 2019, through Nov. 20, for firms with market values greater than 1 billion.
But its shares tanked 98 in a single morning on Thursday, wiping out more than 5.7 billion in market value before trading was suspended.
The losses came after MSCI dropped its plans to include ArtGo in its influential China index, a development first reported by The Wall Street Journal.
The New York-based firm cited "further analysis and feedback from market participants on investability" for its decision.
ArtGo wasn't the only Hong Kong firm to wipe out swaths of investor wealth on Thursday. Small-cap company Kasen International Holding crashed 91 after short-seller Blue Orca Capital pushed the stock lower.
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Marble-mining company ArtGo was on track to be this world's best performing stock worth more than 1 billion. On Thursday morning, however, its shares tanked 98 and the company saw 5.7 billion in market value wiped out.
The Hong Kong-listed stock plummeted after MSCI dropped its plans to include ArtGo in its influential indexes, a development first reported by The Wall Street Journal.See the rest of the story at Business InsiderNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruptionSee Also:14 things millennials do completely differently from their parentsThe best Kindles and ebook readersQueen Elizabeth and Prince Philip celebrate 72 years of marriage today. Here's where the couple and all the other most prominent royals live.
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