The shares of Tanco Holdings Bhd have been on a meteoric rise over the past two years. Since the start of 2024 when it was trading around the 25 sen level, its shares have rallied 600%, hitting its all-time high of RM1.78 on June 3 this year.

Since that peak, the property developer has fallen off a cliff in spectacular fashion. In just nine trading sessions, it has plummeted 93% to its intraday low of 12 sen on Tuesday.

On Monday, in a bid to reassure shareholders and investors, Tanco issued a statement describing the share price fall as “odd”.

“The recent, rapid and unprecedented share price fall appears odd, given that all of Tanco’s fundamental businesses, along with its major projects and contracts, were sound and…