Russian stocks listed abroad plunge as much as 74%with Moex shut still

With Russia keeping its local stock exchange closed for a second day, foreign-listed shares in Russian companies tumbled again on Tuesday, in an indication of how they may react to sanctions when local trading reopens.

Depositary receipts for state-run gas giant Gazprom PJSC fell as much as 32 per cent, while the nation’s biggest lender, Sberbank of Russia PJSC, lost as much as 23 per cent. 

The stocks plummeted 53 per cent and 74 per cent, respectively, on Monday. Shell Plc said Monday it intends to exit its joint ventures with Gazprom.

Exchange-traded funds also took a hit on Tuesday, with the Paris-listed Lyxor MSCI Russia UCITS – which tracks the MSCI Russia Index – dropping as much as 33 per cent after losing half its value in the prior session. The largest US-listed ETF tracking Russian equities, VanEck Russia ETF, fell 12 per cent in premarket trading after cratering 30 per cent.

Nasdaq and Intercontinental Exchange Inc's NYSE have temporarily halted trading in the stocks of Russia-based companies listed on their exchanges, their websites showed.

The halts were due to regulatory concerns as the exchanges seek more information following economic sanctions imposed on Russia.