Shares in Sky the Beach, which floated on Friday, are tanking after two skydivers died when their parachutes became tangled.
The share closed on Friday at 39 cents, a 56% rise on the 25 cent IPO price.
However, on the same day two skydivers died while on a jump over farmland at Tyagarah on the New South Wales north coast.
The company said the tragic accident was unlikely to have a material adverse financial effect.
Sky the Beach is in the process of acquiring Australia Skydive, the company which the skydivers had used.
The company’s shares are trading down 14% to $0.335.
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