Shares of state-run energy giant Gazprom plunged to historic lows on Thursday, weighing heavily on the broader Russian stock market as the benchmark MOEX index extended its longest losing streak on record.
Gazprom’s stock tumbled more than 5% to a low of 83.98 rubles per share around noon Moscow time, breaking past its previous record low of 84 rubles per share set during the 2008 global financial crisis.
The Bell estimates Gazprom’s total market value at just over 2 trillion rubles ($25.7 billion).
The slide coincided with a broader retreat of the MOEX index, which fell as much as 3.4% to around 2,040 points — its lowest level since October 2022. The benchmark’s losing streak has stretched over roughly 19 weeks.
Gazprom, which holds a monopoly on Russian pipeline gas exports, is typically one of the three heaviest-weighted stocks on the index alongside oil major Lukoil and state-owned lender Sberbank. Most of Russia’s other heavily traded stocks fell between 2% and 8% on the day, according to the Interfax news agency.
