Actually no
When a bonus shares are issued the market price is automatically adjusted by the bonus shares. This applies to when stocks are split as well. Take example of iex when bonus was issued and tata steel when share was split
I am sure all of us are aware that when a stock falls more than 100 percent and its impact. I was only trying to make a point that he must be looking at prior to bonus share price to current market price and hence the context of 100 percent issue