Bumi Armada on steepest decline

Bumi Armada Bhd, an offshore oilfield services provider, slid almost 4% or 16 cents to close at RM4.06, on course for its steepest decline since Aug. 26.

It was traded in between RM3.98 to RM4.17 today.

The main reason for heavy decline was that Malaysian tycoon T. Ananda Krishnan may sell 600 million shares valued at about US$825 million in the company, Reuters reported, citing an unidentified person familiar with the deal.