Finablr tumbles after shares pledged for borrowings by Travelex
Shares in payments company Finablr tumbled after it said that more than half of its stock had been pledged as security for borrowings by Travelex.
Foreign exchange company Travelex, which is owned by Finablr, was forced to shut down all of its computer systems earlier this year after being hit by a cyber attack.
Finablr said in a statement on Thursday that it had pledged 392.2 million shares - 56.03% of its stock - as collateral for Travelex borrowings.
The shares were pledged by majority owner Indian billionaire B.R. Shetty.
At 1230 GMT, the shares were down 26% at 96.35p.