Saturday, 13 August, 2022

Gazprom stock plunges

Shares in Russian energy giant Gazprom fell by more than 30% on Thursday morning after the company announced it would not be distributing dividends based on its 2021 results.

Gazprom was trading at 207.69 rubles per share at 07:57 GMT, having dropped by 32.32% since Wednesday, data from the Moscow Exchange shows, reports RT.

Earlier on Thursday, the company announced it would not be paying dividends this year, which amounted to 52.53 rubles per share, or 1.244 trillion rubles in total. Gazprom said the decision was made at an annual shareholder meeting on Wednesday.

“Shareholders have decided that, in the current situation, it is inappropriate to pay dividends for 2021. Currently, Gazprom’s priorities are the implementation of the investment program, including the gasification of the regions and preparation for the coming winter.