Boart Longyear: administration talk 'incorrect'

Drilling services firm blames share price slide on speculation it cannot refinance debt.

Boart Longyear (BLY) has blamed a heavy sell-off in its share price on "incorrect" media speculation that the drilling services provider may be headed into administration.

Shares in Boart Longyear were 12.82% lower at 16.5c at 3.23pm (AEST), against a benchmark index fall of 1.12%. The group's shares fell as low as 15.5c in earlier trade.

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