Shares of Warren Buffett-backed electric car maker BYD rebounded as much as 19 percent Friday, recovering from a record-plunge a day earlier after management sought to reassure investors that all business operations were continuing as normal.
BYD's stock slumped 28.8 percent to close at HK$25.05 Thursday, after plunging as much as 47 percent in afternoon trade, in its biggest one-day percentage fall since the company's listing in 2002. The move baffled markets as there was no apparent trigger for the selloff.
The Shenzhen-based company, which held a conference call Thursday afternoon to clarify market concerns, confirmed its three business segments - autos, mobile handset components and batteries - are running smoothly.
It allayed concerns over the impact of Russia's economic crisis on its business, noting that it has limited exposure to the market. The company has generated just $700,000 in revenue from Russia year to date, less than 1 percent of total revenue over this period, according to Barclays.