PropNex Limited (OYY.SI) saw its shares plummet 3.35% during Friday's trading session, following an announcement regarding a legal matter. The company, one of Singapore's leading real estate agencies, issued an update on a lawsuit that had been filed against its subsidiary, PropNex Realty Pte. Ltd.

According to the announcement, the lawsuit in question has been discontinued and withdrawn. While the specifics of the legal action were not detailed in the brief statement, the market's reaction suggests that investors may have concerns about the implications of this development or the circumstances surrounding the lawsuit's withdrawal.

The sharp decline in PropNex's stock price indicates that shareholders are reassessing the company's position in light of this legal update. It remains to be seen how this development will affect PropNex's operations and reputation in the competitive Singapore real estate market. Investors and industry observers will likely be watching closely for any further clarifications or statements from the company regarding this matter.