Peter Moyo’s reinstatement as Old Mutual CEO and his legal challenge to have the insurer’s board of directors — including chair Trevor Manuel — declared delinquent could wreak havoc on its share price, analysts say.

Soon after the news on Tuesday, Old Mutual’s share price fell 5.45% to R19.26, its biggest one-day drop in more than four months, to the lowest level seen since its split into four separate businesses in June 2018.

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