Multiplex fights back at speculation

Multiplex Group, whose shares plunged to a record low on Wednesday, said speculation its banks forced the sale of its stake in London's White City shopping mall project was unfounded.

Speculation the sale of its 12.5 per cent stake in London's biggest shopping mall development signalled the company was in financial difficulties was similarly misguided, Multiplex said.

Selling the minority stake freed up funds to be used for other projects, the company said.

The stock has plunged 49 per cent since reaching a high of A$6.15 on February 20.