Hon Hai Precision Industry Co’s (鴻海精密) decision to reduce its stake in Fitipower Integrated Technology Inc (天鈺科技) by selling 9.09 million shares yesterday sparked a plunge in the integrated circuit designer’s stock.
Fitipower shares dropped 7.87 percent to NT$216.5 in Taipei trading, the lowest since Dec. 8 last year. They have declined 23.23 percent so far this year amid net selling by domestic proprietary traders and investment trust firms.
Hon Hai shares ended yesterday flat at NT$104.5. They have edged up 0.48 percent since the beginning of this year.
The deal has attracted market attention at a time when Hon Hai is extending