China Yuchai International Limited (CYD), a leading diesel and natural gas engine manufacturer, saw its stock plummet 17.95% on Monday during the pre-market trading session. The sharp decline came without any apparent news or events that could explain the significant drop.
The sell-off occurred right from the opening bell, with the stock trading down nearly 18% compared to the previous close. Throughout the morning session, China Yuchai's share price continued to slide lower, despite the broader market experiencing a relatively flat trading session.
While the company has been added to the Zacks Rank #1 (Strong Buy) list and is considered a strong income stock, these positive factors failed to prevent the substantial sell-off on Monday. As of the time of writing, no specific news or developments have emerged that could justify the steep decline in China Yuchai's stock price.
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