Gazprom's stocks collapsed after the decision not to pay dividends, trading had to be stopped

Stocks of the Russian company Gazprom during trading on the Moscow Stock Exchange on June 30 fell by 30% - from 310.82 rubles per stock at the beginning of trading to 226.68 rubles. Due to the sharp collapse of stocks, the Moscow Exchange announced the suspension of trading in stocks of Gazprom at a price of 226.68 rubles.

The exchange later announced that the auction was moving to a discrete auction mode, which was introduced instead of stopping trading. A discrete auction involves limited trading when bidders submit limited bids with their own prices that are different from the market price.

The collapse of stocks took place after Gazprom published the decision of the annual meeting in absentia that the company is not going to pay dividends for 2021.

Famil Sadygov, Gazprom CFO and deputy chairman of the executive board, said that, "The shareholders have decided that in the current situation that it would be inadvisable to pay dividends for 2021. Gazprom's priorities at present are implementing the investment program, including gasification of Russia's regions and preparing for the upcoming winter. We of course must be ready to fulfill our obligations to pay higher taxes."

17:30 / 30 June 2022

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