Elektra Sinks After 2Q Loss, Firm Warns of Possible Stock Fraud

Shares in Elektra, controlled by billionaire Ricardo Salinas, tumbled after the appliance dealer and bank said it had learned of a possible fraud by depositaries of its shares, extending losses from earlier when it reported a second-quarter loss. Trading was halted following the slump.

• Stock sank as much as 10% in its biggest intraday drop since June 2017, and hit its lowest since March 2023
• The company said in its earnings statement that it recorded a MXN7.3 billion ($394 million) non-cash loss from its derivatives position on financial instruments, without specifying further
• That drove a loss of MXN644 million ...