Shares in Russian tech giant Yandex have plummeted after reports the Kremlin is backing plans to limit the stakes of foreign owners in Russian “online information resources.”
Yandex shares fell by 17% in the first minutes of trading on the Nasdaq exchange in New York on Friday, wiping more than $1 billion from the company’s value. Shares were trading below $30 Friday afternoon, after closing Thursday’s session north of $35.
The plunge came after media reports suggested Kremlin officials are welcoming a draft law to limit foreign ownership of Russian tech companies to 20%.
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