The business was fine.
The owner's loan was not.
40%
Share of a company its owner had borrowed against. The day his loan went underwater, his lender, not the market, set the price
Friend forwards me a stock down 40 percent in two sessions. No bad results, no fraud headline, nothing in the numbers. So what broke. I opened the shareholding pattern. Most of the promoter's stake was pledged. The business did not crack. The loan behind it did.