Why is Corporate Travel Management stock collapsing today?

Corporate Travel Management's stock saw an 81.2% plunge to A$3.03 on Thursday, marking its first return to the ASX after a 12-month suspension. The suspension resumed following the company's Preliminary Final Report submission for the financial year ending June 30, 2026. The suspension began on August 26, 2025, after an investigation revealed CEO forgeries, overcharging, and retained funds in the UK.

Despite a turnaround in the financial results, showing profit for the year and increased EBITDA, the stock's decline was dampened by a modified audit opinion, the board's decision to avoid paying dividends, and ongoing negotiations to repay the UK government £118 million for a Bibby Stockholm asylum accommodation contract. Additionally, the company's removal from the S&P/ASX 200 index in December 2025, which removed passive fund support, further impacted its share price. The broader market context provided little solace, with the S&P/ASX 200 trading slightly higher.