Shares of Chinese electric vehicle maker BYD Company plummeted as much as 5.42% on October 31st after the company reported its third-quarter earnings results, which fell short of market expectations.
BYD announced a net profit of 11.61 billion yuan ($1.62 billion) for the July-September quarter, representing an 11% year-over-year increase. However, this failed to impress investors, who had higher expectations for the company's performance.
The earnings disappointment triggered a broad sell-off in BYD's shares, which closed 3% lower in both Hong Kong and Shanghai trading on the day the results were released. The stock continued its decline on the following day, slumping a further 5.42% in the first hour of trading on October 31st.
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