** Shares of Evion Group fall as much as 17.2% to A$0.024, posting their biggest intraday percentage decline since June 24

** Stock hits its lowest level since Sept. 26

** Graphite developer says it will raise up to A$2.7 mln ($1.74 mln) via a rights issue at A$0.023 per share

** Issue price represents a 20.7% discount to co's last close

** About 1.2 mln shares change hands, compared with the 30-day average volume of around 306,000

** Stock down 29.4% YTD, including session's move

($1 = 1.5559 Australian dollars)

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com))