** Shares of Structural Monitoring Systems fall as much as 24.6% to A$0.52, their largest intraday drop since late March 2020

** Aviation services provider receives binding commitments to raise A$5 million ($3.29 million) via a placement

** Placement issue price at A$0.52 per share, a 24.6% discount to last close

** Says funds will be used for the product development and manufacturing capacity expansion

** Stock hits lowest since July 15

** More than 116,000 shares change hands, 2.3 times the 30-day avg

** SMN up 13.1% YTD, including current session's moves

($1 = 1.5198 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))