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NetSol International Stock Continues Plunge

May 17, 2000|Bloomberg News

Shares of Calabasas-based NetSol International Inc. fell for a third straight day, dropping 32% after the software developer reported its eighth consecutive quarterly loss Friday. The shares fell $10.38 to close at $22.25 on Nasdaq. They've lost about half of their value since Friday, when NetSol said it lost $797,603, or 8 cents a share, for its third quarter ended March 31. It lost $174,000 or 6 cents, a year earlier. NetSol develops most of its software in Pakistan. Only about 15% of NetSol's 10.5 million shares trade freely, which has contributed to the stock's volatility. NetSol's officers and directors own 5.1 million shares.

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