Elektra Removed from Mexico Benchmark Index Amid Fraud Allegations and Trading Halt

Mexican conglomerate Grupo Elektra, owned by billionaire Ricardo Salinas Pliego, has been dropped from Mexico`s benchmark stock index following a halt in trading of its shares. The suspension was initiated by the company due to an alleged multimillion-dollar fraud involving share depositories. This situation exacerbates existing difficulties for Salinas, who is currently embroiled in a legal battle to reclaim 7.2 million shares he claims were used as collateral for a loan. Trading of Elektra shares was suspended after a significant drop in price, and the suspension has been extended. While removal from the index would typically trigger a selloff, the ongoing suspension will likely complicate matters.