Gamuda Berhad was under widespread selling pressure on Monday following negative reports on the Sydney Metro West project.
The stock plunged as much as 7.6% in the first half of today's trading session, before paring some losses at around RM4.18, with a market capitalization of RM11.31 billion.
Gamuda became the second largest losing stock on Bursa Malaysia today after Hextar Technologies Solutions Bhd.
New South Wales (NSW) Premier Chris Minns last week did not rule out the possibility of canceling or delaying the project due to rising costs.
He said the Metro West project was originally estimated at AU$16 billion, the latest estimate is more than AU$25 billion.
Any cancellation or delay in this project could impact the company's earnings prospects.
The engineering, property and infrastructure company secured AU$2.16 billion or RM6.5 billion from the 9 kilometer tunnel work between Westmead and Sydney Olympic Park through a partnership with Laing O'Rourke.
