Hungary's OTP CEO Csányi Unloads Shares
- 22 Jul 2013 9:01 AM
OTP shares plunged 9% on Friday after news emerged that chairman and CEO Sándor Csányi had sold most of his shares on the previous day. The shares lost 17% of their value in three days last week, the biggest rout for the share since 2011.
The massive sell-off on Friday morning began immediately after OTP announced on the stock exchange website that Csányi had sold 1.7 million of his 2.8 million shares held personally or by his investment company Bonitas, for a total of Ft 7.8 billion.
Csányi later announced that he would use the proceeds to finance agricultural businesses, but that did not calm the market, and trading had to be temporarily suspended when the decline in the share price hit 10%.
A weekend report that Csányi was to retire for health reasons was denied by the bank on Sunday.
Source: Hungary Around the Clock
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