Shares in Australia's Lynas slump after stocks sale

SYDNEY Thu May 29, 2014 8:16pm EDT

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SYDNEY May 30 (Reuters) - Shares in Australia's Lynas Corporation slumped as much as 26 percent on Friday after the company underwent a share purchase plan with a discounted price of A$0.113 per share.

Lynas shares tumbled 17.7 percent to A$0.14 by 0011 GMT. It had closed at A$0.17 in the previous session.

(Reporting by Thuy Ong; Editing by Paul Tait)