November 20, 2012 / 7:51 AM / 5 years ago

Olam shares fall 11 pct, hit by Muddy Waters claims

SINGAPORE, Nov 20 (Reuters) - Singapore-listed shares of Olam International Ltd, fell 11 percent in heavy volume as trading resumed after media reports said short-seller Muddy Waters had questioned accounting practices at the company.

Olam defended its accounting practices and accused Muddy Waters founder Carson Block of making "baseless and unsubstantiated assertions" against it. Olam's shares fell 21 percent in after-hours trading in the U.S.

Shares in Olam, nearly 16 percent-owned by state investor Temasek Holdings, were down 10.6 percent at S$1.55 by 1540 local time (0740 GMT).

It was the biggest loser in a firm benchmark index and volume surged to 29 million shares, more than double its average full-day volume over the last 30 days.

On Monday, Olam's Singapore shares closed at the lowest in five months. (Reporting by Anshuman Daga; Editing by Kevin Lim)

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