June 11 British IT outsourcing and consultancy
services provider Quindell Plc said it could not meet
the requirements for a premium listing on the London Stock
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
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