Among global companies with a market cap of at least $1 billion, ArtGo, a marble mining company, had enjoyed the biggest gain of the year, according to Bloomberg. It was up an incredible 3800 percent since the beginning of the year. Until this week.
But that all went poof in a big way when New York-based MSCI dropped plans to add the company to its equity benchmarks. ArtGo, which has been losing money for two years, apparently ended up not meeting the necessary standards for MSCI listings.
So all those gains have now been wiped out. ArtGo, which is listed on the Hong Kong market, were down 98 percent Thursday. It lost $5.7 billion in market value in a single day.