Oman's Renaissance Services slumped to a two-year low on Thursday after saying it discovered 'serious' financial issues with unit Topaz while most Gulf bourses ended in the red.
Renaissance -- one of the biggest oil services companies in the Middle East -- discovered evidence of fraud and ethical misconduct at one of the Topaz subsidiaries abroad, centred around the use of $2.9 million of cash in the business, it said on Monday. It also reported a 77-percent plunge in first-half net profit.
The stock plunged 10 percent to its lowest close since July 2009.
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