Yesterday, China-Biotics Inc. (PINK:CHBT) went down 21.43% to $0.55 on a volume of 8 thousand shares.
Although the drop down was significant, the move of CHBT was not surprising given that it was a natural act within the trading range established by the stock. CBHT has entered this trading range in October and since then it has been moving within its confines.
The low trading volume was not surprising as well since the company is marked with a skull and cross bones and its stock is traded on the gray market.
CBHT is a Chinese company which is a supplier of probiotics. The SEC had suspended trading with CHBT based on accounting fraud allegations. In October, certain allegations revealed 
that CHBT had directed their auditors to a fake bank website when the auditors had attempted to confirm the company’s cash balance.
Thus, CHBT had joined the bulging family of delisted Chinese companies; its stock had been delegated to trade on the gray market which resulted in a decline in the stock value and outflow of trading activity.
