Shares of iFAST Corporation (SGX: AIY) plunged unexpectedly on 19 August, falling by as much as 11% at the opening bell. This decline was the largest for the fintech since April this year, and its shares ended down 8.5% at S$8.94, giving it a market capitalisation of S$2.7 billion. Year-to-date (YTD), shares of iFAST are still up 20%, though this was down from its previous 31.5% gain when shares were hovering close to their 52-week high of S$9.83. Should investors be concerned, and can iFAST witness a rebound any time soon?

A major shareholder pares its stake

In response to a query from the Singapore Exchange (SGX: S68), iFAST quoted a Bloomberg article which reported that a substantial shareholder, CP Invest, had placed 14.35 million shares of iFAST. CP Invest is a subsidiary of Cuscaden Peak, which is jointly owned by Mapletree Fortress Pte Ltd, a unit of Mapletree Investments Pte Ltd (MIPL), along with Adenium Pte Ltd, a subsidiary of CLA Real Estate Holdings....