Gazprom Loses 30% Of Its Value

Shares of majority state-owned Russian oil and gas giant Gazprom, which is the country’s largest public company, tanked in trading on Thursday after the company declined to pay out dividends for the first time since 1998 in a sign of the widening impact of sanctions on the Russian economy.

Shares of Gazprom fell 29.8% to 208.9 rubles ($3.82) on Thursday, and the Moscow stock exchange briefly halted trading of the stock.

The drop sent the company’s market capitalization tumbling to 7.046 trillion rubles ($129 billion), though the company is still the largest in Russia by market cap.

This is reported by Forbes.