AMP in $3.7bn share crash
Around $3.7 billion was sliced off AMP's market value on May 5 with the share price plummeting 36 per cent from an opening price of $8.73 down to $5.60.
It was the worst trading day for AMP since it listed on the ASX in June 1998 and a black day for the company's 960,000 small investors. Before the rout, AMP was Australia's tenth largest company with a value of over $10 billion. By the close of trading on May 5 it had declined to Australia's 20th largest company worth $6.6 billion. The Australian Shareholders' Association is seeking a meeting with AMP by May 9 to discuss the financial giant's demerger plans. ABA chairman Jim Curry described the plan as “the last throw of the dice”.