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.
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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%.
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