Australia's Beam Communications slumps on exit from joint venture

** Shares of Beam Communications BCC.AX fall 33.3% to A$0.12, their lowest point since August 8

** Stock on track for its worst day since October 31, 2024, if trends hold

** The satellite manufacturer says it will exit from its Zoleo Inc joint venture

** Says it will put about $9.5 million on sale of its 50% stake in the JV

** Co had earlier announced it will stop manufacturing the ZOLEO device, which generates recurring subscription revenues, by end of FY25

** About 457,341 shares change hands, 7.3x the 30-day average of 62,786

** Stock up 84.6% YTD, including moves in current session