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Shares of Russia's mining and metals giant plummet 25% at Moscow Exchange

September 23, 2014, 12:02 UTC+3 MOSCOW
The shares are now trading at a record low of $0.5 per share
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©  ITAR-TASS/Mikhail Japaridze

MOSCOW, September 24. /ITAR-TASS/. The price for common shares of Russian debt-ridden metals and mining group Mechel plummeted 25.3% to a record low of 20.3 rubles ($0.5) per share at 11.28 a.m. local time, after the Moscow Exchange restarted regular trading session for Mechel, according to the bourse’s data provided on Tuesday.

The Moscow Exchange switched trade in Mechel’s shares into a discreet auction mode at 10.57 a.m. Moscow time as the share price was seeing about 20% decline during ten minutes in a row.

“Trade of the mentioned above securities are not conducted in the Classica sector of the market between 10.57 a.m. and 11.27 a.m. in correspondence with the bids directed to all market participants,” the exchange said.

At 11.10 a.m., Mechel’s shares decreased 18.3% to 22.3 rubles ($0.6) , while the previous maximum decrease on Tuesday reached 24.9%.

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