Nick Politis down $160 million as Eagers Automotive shares crash

·

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.

nick-politis
Rich Lister Nick Politis’ wealth has taken a hit after Eagers Automotive’s shares plunged 19 per cent in early trading on Wednesday.

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

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Greek fire in ‘The Belly of the Beast’ at St Kilda

‘The Vineyard’ in St Kilda (also known as ‘The Belly of the Beast’) has a long and rich ethnic-Australian heritage.

Jenny Souris Foundation Gala raises $100,000 to help young cancer fighter Jack

The Jenny Souris Foundation’s fundraising gala raised funds for four-year-old Jack, who is courageously battling Stage IV Neuroblastoma.

Greek Australian George Moulos attempts record-breaking ‘March Across Greece’

Young Greek Australian entrepreneur George Moulos will embark on a transformative 1,200 km journey across Greece on foot.

proika exhibition explores cultural bonds that unite the Greek Australian community

On November 20, the proika project invites you to the launch their multimedia exhibition, melding fashion, photography and conversations.

Heliades Greek Women’s Network celebrate Melbourne Cup in style

The Greek Women's Network (Heliades) hosted a vibrant celebration of the Melbourne Cup on Sunday, November 3.

You May Also Like

Insight or Perspective: Where can Greek lead you?

Where can Greek lead you? If you are expecting me to list a number of occupations or business opportunities that is not what I want to do.

The EU Commissioner says new Greek migration laws “in right direction”

"The Greek government's new migration law is in the right direction," European Commissioner for Migration, Dimitris Avramopoulos, told the European Parliament's budget review committee...

Greece, Bulgaria, Romania sign deal to establish military corridor

Greece, Romania and Bulgaria signed a deal on Thursday to enable fast cross-border movement of troops and weapons to NATO’s eastern flank.