Kogan.com shares drop 30%
SBS reported that Kogan.com has had about $130 million wiped off its market value after the online retailer flagged declining first-quarter margins and an ACCC investigation into one of its promotions. Shares in Kogan.com were 30% lower at lunchtime today after the company said revenue from sales of global brands in the three months to September 30 was 27.4% lower on the prior corresponding period. The retailer blamed foreign-owned competitors who undercut Australian rivals by avoiding GST, and said margins had also been hit by the weaker Aussie dollar. The resulting sell off sent Kogan.com shares down to their lowest since July 2017 and wiped $35 million from the value of founder Ruslan Kogan's personal stake.