Rich Lister Nick Politis‘ wealth has taken a hit after Eagers Automotive’s shares plunged 19 per cent in early trading on Wednesday.
According to The Australian Financial Review, shares at Australia’s largest car dealership group plunged to $9.90, causing a major hit to the paper wealth of Politis, who holds a 27.9 per cent stake.
The value of Politis’ holding tumbled by around $160 million, but is still worth $700 million.
Politis, who is also Chairman at NRL club Sydney Roosters, topped up his stake in Eagers late on Wednesday. He picked up two tranches of 100,000 shares each at $10.40 and $10.54.
Eagers chief executive Keith Thornton said on Wednesday that cost-of-living pressures and a squeeze on household budgets were starting to curb spending in the automotive sector.
Source: The Australian Financial Review
