Shares of Saudi billionaire's company dive

Shares in Kingdom Holding, 95 per cent of which is owned by Saudi billionaire Prince Al-Waleed bin Talal, fell sharply today after reports of his arrest.

The share price of the company, which has high profile investments inside and outside Saudi Arabia, dropped 9.9 per cent at the start of the week's trading. Shares are allowed to drop a maximum of 10 per cent on one day. But the share price later recovered some of its losses to end the day down 7.6 per cent. 

The Saudi Tadawul All-Shares Index (TASI) also recovered early losses to end the day up 0.32 per cent. TASI dropped 1.6 per cent only a minute after the start of trading on the Arab world's largest stock market following a sweeping crackdown on corruption that saw the arrest of leading royals and businessmen.