Shares in Brilliance China Automotive Holdings, China’s largest minibus maker, slid almost 11% on Monday after its auditor resigned, the latest blow to a stock hit hard this year, according to Reuters.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The report said the resignation by PricewaterhouseCoopers comes as Brilliance, the Chinese joint venture partner of BMW, suffers along with other mainland vehicle manufacturers as sales growth in the once-hot sector has slowed dramatically.
Brilliance shares fell to HK$1.56, down 10.86 percent and the stock has plunged nearly 64% since the start of the year, Reuters said.
“The market is getting a bit frustrated with this company, and they are not going to give the company the benefit of the doubt if something like this happens,” Standard & Poor’s equity analyst Christopher Lee told Reuters, which noted that Brilliance’s first-half earnings fell 29%.
