June 11 (Reuters) - British IT outsourcing and consultancy services provider Quindell Plc said it could not meet the requirements for a premium listing on the London Stock Exchange.
The AIM-listed company’s shares were down about 27 percent at 12.75 pence at 1009 GMT on Wednesday. The stock was the top percentage loser on the London Stock Exchange.
The company said it could not meet a criteria which deems the applicant ineligible if its business has undergone “a significant change in its scale or operations” during the last three years.
The company, which provides services mainly to the insurance and telecom industries, said its advisers would continue to explore other options, including listing in North America.
Quindell’s shares lost more than half of their value since April 22, when U.S.-based Gotham City Research questioned the company’s revenue model and profit quality. (Reporting by Aashika Jain in Bangalore; Editing by Don Sebastian)