JOHANNESBURG – A tough day for Oakbay Resources and Energy as shares in the company tumbled more than 16-percent.
What’s more, it’s the second straight session of losses.
The Gupta family has a majority stake in Oakbay, but two of the brothers resigned from senior positions last week.
They say they made the move after a sustained political attack.
The family has faced a difficult time – with First National Bank, Barclays Africa, KPMG and Sasfin withdrawing support.
There are also fears that employees could suffer, as Oakbay looks to replace its auditors.
The firm will be suspended from the JSE, if it fails to appoint new auditors by June.
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