KUALA LUMPUR (Jan 18): Telecommunication services provider Silver Ridge Holdings Bhd has fallen victim to the selling pressure among small cap counters in Bursa Malaysia on Thursday, as its share price plunged 30% to hit its limit-down. 

At 4.11pm, the counter pared some of its losses but is still down by 28.75%, trading at 85.5 sen apiece with a market capitalisation of RM190.32 million. 

Earlier, Silver Ridge hit its limit-down at 84 sen in the afternoon trading session, after 32,800 shares were traded.

Prior to hitting its limit-down, the counter had been hovering between the RM1.17- and RM1.20-mark since the beginning of the year. Interestingly, Silver Ridge was one of the top gainers in the small-cap category in 2023, having surged 670.4% throughout the year.  

Silver Ridge made its debut on July 21, 2006 on the Mesdaq Market (now known as ACE Market) of Bursa Malaysia, opening at 39 sen. The stock actually hit its all time high of RM1.20 last Friday.

In its first financial quarter ended Sep 30, 2023 (1QFY2024), Silver Ridge returned to the black with a net profit of RM24,000 compared with a net loss of RM1.03 million in the previous corresponding quarter. 

This was on the back of a year-on-year revenue increase of 65.7% to RM4.24 million from RM2.56 million previously.

Several mid-cap and penny stock counters have been observed to hit limit-down over the past week, including Widad Group Bhd, Jentayu Sustainables Bhd, Mercury Securities Bhd and Artroniq Bhd.