Australia's Insignia Financial falls to 1-month low as Bain Capital pulls out of bid race

Shares of Insignia Financial IFL.AX fall 13.5% to A$3.46, their lowest levels since April 15

IFL stock is the top loser in benchmark index .AXJO

The wealth management firm said on Wednesday that Bain Capital, one among the takeover bidders for the co, has now pulled out of making a binding bid

Bain Capital had last made a A$3.34 billion ($2.16 billion) offer in March

Co adds that it remains in discussion CC Capital, another bidder

Stock posts its biggest intraday percentage drop since August 22

IFL stock sees its busiest session yet since April 17, with 1.9 mln shares changing hands

Stock down 2.3% YTD, including moves in current session

($1 = 1.5454 Australian dollars)