Zetrix AI Bhd shares fell 11.11% to eight sen at 12.16pm on Wednesday, extending recent volatility after services provided through its platform were suspended by the Road Transport Department (JPJ).
The counter opened at nine sen and traded as high as 9.5 sen before slipping to an intraday low of eight sen. Some 159.03 million shares changed hands, making it one of the more actively traded counters on Bursa Malaysia.
The decline came after Zetrix AI shares rebounded 38.46% to nine sen on Tuesday following a steep sell-off last week. The stock had fallen about 30% on Oct 2 after JPJ announced the suspension of services provided through the MYEG Group from Oct 5.
The suspension followed unresolved obligations involving the collection of government payments. Transport Minister Anthony Loke subsequently said MYEG and Zetrix had failed to remit RM314 million collected between May 19 and Sept 30. Zetrix has since submitted a proposal to the government to resolve the outstanding remittances.
Investor sentiment was also affected by MARC Ratings’ decision to revise Zetrix AI’s MARCWatch status to Negative from Developing, citing concerns over transparency and governance as well as the lack of material information needed to assess its credit profile.
The rating agency also highlighted the resignation of Zetrix AI’s external auditor, reported payment arrears and the suspension of certain operating activities among recent developments contributing to its decision.
At eight sen, Zetrix AI has fallen sharply from around 90 sen in April, when its market capitalisation was about RM7.3 billion. BusinessToday previously reported that the decline had wiped roughly RM6.3 billion from its market value by Oct 2.
