iFast's stock price plummeted 3.11% during intraday trading on Wednesday, marking a significant downward movement for the financial services group.

The decline follows the company's announcement of a S$120 million fixed-rate note issuance due in 2031, pursuant to its S$300 million multicurrency debt issuance programme. The notes, which are expected to be listed and bear interest at a fixed rate of 2.75% per annum, will see net proceeds used for general corporate purposes. This corporate debt action appears to have influenced investor sentiment negatively during the session.

The movement occurred amid a generally weaker opening for Singapore stocks, with the broader market facing downward pressure at the start of the trading day.