Oakbay Resources shares plunge after Guptas say to sell S.African holdings

PUBLISHED: Mon, 29 Aug 2016 13:23:53 GMT

Shares in Oakbay Resources fell more than 10 percent on Monday after the Gupta family, which controls the firm’s holding company, said at the weekend they will sell their South African businesses.

Oakbay Resources was down 10.02 percent at 18.85 by 1039 GMT, compared with the, which was flat.

The scandal-hit family, which is being investigated by the anti-corruption watchdog of holding undue political sway over President Jacob Zuma and influencing government appointments, said on Saturday it would sell its South African businesses before the end of this year.

(Reporting by TJ Strydom; Editing by James Macharia)

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