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Est Media Vagyonkezelo Nyrt., a Hungarian entertainment company, had the biggest weekly drop in 10 years after it offered to sell a stake in Hungary’s largest outdoor music festival following a failed bond sale.
The shares fell 14 percent to 24 forint by the end of trade in Budapest, the lowest close since it was listed in 2000. In the last five days, Est Media tumbled 37 percent in the biggest weekly decline since March 2002.
The company, which announced plans to sell convertible bonds in a private placement last month, canceled the sale as it didn’t receive the required minimum amount of bids, it said in a statement on its website on July 3.
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