MONTVALE, N.J. — Stock in A&P here, on a free-fall since the summer, tumbled by more than 26% on Wednesday to close at its lowest levels in more than five years. Funds associated with the Tengelmann Group, the retailer’s largest owner, have been vigorously buying its stock on the open market as hedge funds and other investors have liquidated their holdings. On Wednesday, more than 1.3 million shares traded hands as stock closed at $4.26 a share — its lowest closing since March of 2003.
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