Shares of spring water bottler Mayanot Eden plummeted 34% Sunday on relatively heavy turnover of NIS 1.2 million, 20 times the daily average, following the release of its financial statements late Thursday after trading closed for the week. The plunge wiped out the strong gains amassed by the stock over the past year, dropping the company's market value from about NIS 170 million to just NIS 108 million.

In its report the company indicated that it is likely to receive less on the pending sale of Dutch subsidiary Eden Holland than its own market price of NIS 170 million as of Thursday. The deal had been expected to be worth NIS 250 million to NIS 375 million, with Mayanot Eden's 70% stake worth between NIS 175 million and NIS 250 million.

Mayanot Eden, which markets mineral water from the Golan Heights and operates in the coffee markets of 15 countries, has turned its focus recently more towards coffee, relying less on its traditional bottled water and dispenser business. As part of this new direction, the company in January declared its intention to offload Eden Holland.

Mayanot Eden, controlled by Ron and Yehuda Naftali, carries 167 million euros in liabilities on its consolidated balance sheet. The company earned 1.8 millions euros on revenues of 61.6 million euros in the first quarter compared with an 829,000 euro loss on 60.5 million euros in revenues the year before. Its balance sheet suffers from a 51 million euro deficit, including 57 million euros in negative retained earnings.