Ventia shares resume sell-off on ACCC price fixing claims
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The news: Shares in Ventia Services Group tumbled at market open, having seen heavy fluctuations since the announcement of price fixing allegations by the Australian Competition and Consumer Commission (ACCC) last week.
The numbers: Ventia shares were down 6.8% to $3.44 by 11am AEDT. The decline in the services group's share price follows a 22.6% sell-off on Thursday and a 10.8% rally on Friday.
Downer EDI, which was also named in the ACCC proceedings, edged down 0.4% to $5.43.
The context: On Thursday, the ACCC started civil cartel proceedings in the Federal Court against subsidiaries of Ventia and Downer for alleged price fixing related to services for the Department for Defence.
Having seen its share price dive after the announcement, Ventia rallied on Friday, with analysts calling the sell-off "overdone".
