HK's Tongda drops most in over 20 years on discounted share sale

** Shares of electrical appliance components maker Tongda Group Holdings Ltd drop 37.4% to HK$0.285, on course for their worst day since listing in December 2000

** Stock drops to lowest since September 2012; the biggest percentage decliner on the Hong Kong bourse

** Co plans to issue 3.24 bln rights shares to existing shareholders in the proportion of one rights share for every two existing shares held, raising HK$752 mln ($96.77 mln) for purchase of machinery, increase production capacity and to repay bank borrowings ()

** Says the rights shares will be issued at HK$0.232 apiece, or 49.01% discount to the previous close of HK$0.455 each

** The Hong Kong Hang Seng Commerce & Industry Index eases 0.4%, and the composite industry index tracking industrials falls 1.1%

** The Hang Seng China Enterprises Index drops 0.6%, and the benchmark index slips 0.4%

** As of last close, stock down 20.2% this year