JAKARTA, Nov 26 (Reuters) - The following Jakarta stock was on the move on Tuesday.
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ASTRA PLUNGES 11.65 PERCENT AS MEETING FALLS THROUGH
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Indonesia auto giant PT Astra International dropped more than 11 percent on talk -- later confirmed -- that a creditors meeting in Singapore had fallen through.
The shares had dropped by 11.65 percent as of 0320 GMT to 2,275 rupiah ($0.25), then regained some ground to 2,350 as of 0347 GMT.
"The shares face strong selling pressure because the meeting in Singapore fell through since it failed to reach a quorum," said Rudy Pandjaitan from E-Capital Securities
Astra said it hoped to reschedule the meeting in December. Astra had sought the meeting to try to get two-thirds of its creditors to approve a plan to restructure $820 million of its debt.
Astra is 32 percent owned by Singapore's Cycle & Carriage .