In a dramatic turn of events, stocks within the Gelex ecosystem experienced a sharp decline on the stock market following the news that Đặng Phan Tường, a senior executive, has been indicted by the police. This announcement triggered a wave of selling pressure, leading to a full drop in share prices during the trading session on September 14.

The VN-Index closed down nearly 7 points at 1,788.23, while both the HNX-Index and UPCoM-Index also fell, ending at 271.94 and 125.63, respectively. The total liquidity across the three exchanges was approximately 20.5 trillion VND, with the market breadth heavily favoring declines. A total of 435 stocks saw price drops, including 20 that hit the floor price, while only 187 stocks managed to rise, and 889 remained unchanged.

Particularly affected were the shares of Gelex Group, with key stocks such as GEX, GEE, and GEL all hitting their maximum allowable decline. Other related stocks, including VIX, VSC, and EIB, also suffered losses of about 4-5%. This market reaction comes in the wake of an announcement from the Eastern Electric Equipment Manufacturing Corporation (EEMC), part of the Gelex ecosystem, which disclosed that it had received a notification from the Ministry of Public Security regarding the indictment of Đặng Phan Tường during an investigation related to the National Power Transmission Corporation (EVNNPT) and other associated companies.

In addition to his role at EEMC, Tường is also a board member at several other companies within the Gelex ecosystem, including Gelex Power Corporation (GEE) and Cadivi Electric Cable Company, and he serves as the chairman of the board at Thibidi Electric Equipment Corporation. The financial and real estate sectors also faced significant downturns, with only a few stocks, such as SSB, managing to rise amidst widespread losses. Foreign investors were net buyers in the session, purchasing around 813 billion VND in stocks, primarily focusing on VPB, MBB, and TCB, while notable sell-offs occurred in stocks like HPG and VIC.