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      Archive: 10/22/2012

      News Brief

        10/22/2012, Cheshvan 6, 5773

      Israel Land Development Co. and Modiin-LP Plummet

      Stocks for Israel Land Development Co. Energy Ltd. plunged at an all-time high rate and Modiin-LP declined in share value after the natural-gas exploration companies decided to abandon the Sara 1/348 well when various data revealed that the site is a “dry hole.”, according to Bloomberg.  

      Israel Land Energy, fell 67 percent to 0.068 shekel and was trading down 61 percent at 2:17 p.m. in Tel Aviv. That is the steepest drop since 2010. Meanwhile, Modiin LP, fell 46 percent to 0.086 shekel, the lowest price since June 1999, with volume more than triple the three-month average.