May 4 (Reuters) - Shares of Czech ammunition producer CSG (CSG.AS) fell 13% on Monday, their worst trading day since their January IPO, following a research report by Hunterbrook Capital, which noted that it held a short position in the defence company.
Hunterbrook questioned CSG’s business model and production capacity but CSG refuted the allegations, saying in a press release that it “strongly disagrees with the conclusions and assertions” presented by Hunterbrook.
Shares in Amsterdam-listed CSG closed down 13.1%, recouping some losses after falling as much as 26% earlier in the day. Since listing in January to capitalise on Europe’s defence boom, the stock has fallen by more than 50%.

CSG shares close 13% lower after short-seller report in worst day since IPO