SINGAPORE Nov 20 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
(Reporting by Anshuman Daga; Editing by Kevin Lim)