Gazprom's Share Price Drops Below 100 Roubles, Hits Lowest Since 2009
Gazprom Shares Hit Multi-Year Lows Amid Mounting Pressures
Recent Share Price Movements
MOSCOW, June 22 (Reuters) - Shares of Russia's state-owned energy giant Gazprom fell below 100 roubles ($1.35) on Monday for the first time since 2009, according to the data from the Moscow Exchange.
Factors Behind the Decline
Impact of Geopolitical Tensions and Energy Policies
Gazprom's shares have been battered by various headwinds, such as Europe's decision to shun Russia's energy over the conflict with Ukraine, a decline in oil prices resulting from progress in talks between the United States and Iran, as well as its failure to secure a new gas deal with China.
Recent Events Affecting Sentiment
Ukrainian Drone Attack on Moscow Oil Refinery
Analysts say that last week's Ukrainian drone attack on a Moscow oil refinery, owned by Gazprom Neft, the oil arm of Gazprom, also weighed on the sentiment towards the company, which has not paid a dividend in recent years.
Market Performance and Valuation
According to the exchange, Gazprom's shares declined by 3.67% from the previous day to 100.65 roubles, touching the level of 99.9 roubles earlier in the session.
Its shares have declined by around a fifth over the past 12 months, putting Gazprom's current market value at 2.382 trillion roubles ($32.15 billion), a far cry from the $1 trillion promised by management in 2008.
($1 = 74.1000 roubles)
(Reporting by Vladimir SoldatkinEditing by Tomasz Janowski)
