Genting shares plunge 17% on $306M rights issue, worst drop since 1998

Genting announced a 1.25 billion ringgit renounceable rights issue at a 25-30% discount, sending shares down 17%, the steepest fall in 28 years. The move signals balance-sheet stress and dilution concerns, with proceeds earmarked for debt repayment. Market reaction reflects investor skepticism about the group's capital allocation and leverage.