Gazprom shares collapse by 97% in London, market cap falls to just $250mn

Gazprom shares collapse by 97% in London, market cap falls to just $250mn

Shares in Russia's national gas behemoth crashed after trading started on the LSE, falling by 97% in the first hours of trading, reducing the company's value to a mere $250mn. / wiki

By bne IntelliNews March 2, 2022

The market capitalisation of Russia’s national gas giant Gazprom saw an unprecedented collapse on March 2 to a mere $250mn at the London Stock Exchange, following a single-day drop in its stock price of 97%.

The crash came as Western nations have been ratcheting up their sanctions against Russia’s economy in recent days in response to Moscow’s escalating war in Ukraine. Put in context, Gazprom’s market capitalisation was more than $68bn at the start of the year, and closed on March 1 at above $61bn.

As of 11:30 GMT on March 2, shares in Gazprom were priced at just $0.03 apiece, giving it a market capitalisation of $248.6mn.

Russia’s largest oil company Rosneft suffered a similar but less severe 67% nosedive in its share price to $0.88 per share on March 2, giving it a market capitalisation of $9bn. Shares in Novatek, Russia’s second-biggest gas producer, dropped over 96%, reducing its capitalisation to only $163mn.

Outside the oil and gas space, Russia’s main state-owned lender Sberbank also saw its share price tank by 94.24% in early trading to only $0.01. The bank said its European subsidiaries had experienced “abnormal cash outflows.”

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