KUALA LUMPUR (Oct 13): Electrical engineering firm Jati Tinggi Group Bhd (KL:JTGROUP) fell sharply on Tuesday, having more than doubled its value since the year began.

The stock opened at RM1.40, unchanged from the previous day’s close, and edged up to RM1.41. By around 10.00am, Jati Tinggi had fallen as much as 29% to RM1.00, near the limit-down of 98 sen.

The decline also triggered a suspension of intra-day short selling in the stock.

The suspension was automatic and activates when a stock’s last done price drops more than 15% or 15 sen from its reference price. Intra-day short selling for the counter will resume on Wednesday.

Jati Tinggi pared some of its losses and paused at RM1.31 at midday break after more than five million shares exchanged hands.

The most recent announcement from the company was on Oct 5, detailing two contracts secured from Tenaga Nasional Bhd (KL:TENAGA) worth a combined RM15.7 million for underground cable works in Selangor and a submarine power cable monitoring system in Perlis.

 AskEdge data showed that the company is valued at 34 times its trailing earnings, within its peers’ range and nearly six times its net asset value, which is lower than most peers.