In the high-stakes world of Mexican finance, few stories rival the drama unfolding at Elektra. Shares of the retail and financial giant skyrocketed nearly 20% on Wednesday, marking a stunning rebound after last week’s staggering 70% plunge. The rollercoaster began when a months-long trading suspension was lifted, sending the stock into freefall. But by midday Wednesday, Elektra was clawing its way back, trading at a cool 393 pesos per share — a far cry from its darkest days, but still emblematic of the turmoil surrounding the firm.
At the heart of the storm lies a tangled web of alleged fraud, regulatory tussles, and billionaire intrigue. Elektra, part of Ricardo Salinas’ sprawling empire, has pointed fingers at creditor Astor Assets, accusing it of orchestrating a fraudulent disposal of over 7 million shares. Meanwhile, Mexico’s securities regulator faces criticism from Elektra for lifting the suspension too soon. The next chapter? A potential privatization, with shareholders set to decide the company’s fate later this month. For now, Elektra’s stock is flying high, but the underlying turbulence suggests this is far from a happy ending.
(Source: Investing.com)
