Tuas Ltd's stock plummeted 6.93% during intraday trading on Friday, following the company's announcement that it has terminated a major acquisition deal.

The sharp decline comes after Tuas said it terminated its unit Simba Telecom's agreement with Singapore's Keppel to buy the global asset manager's stake in M1, in a deal valued at approximately S$1.43 billion (US$1.12 billion). The termination occurred because several conditions precedent were not met by the extended deadline.

The deal's collapse follows regulatory scrutiny from Singapore's Infocomm Media Development Authority, which had suspended its review of the merger. The regulator is investigating potential breaches of the Telecommunications Act related to radio frequency bands that Simba could have been using without proper assignment.