The market capitalisation of Russia’s national gas giant Gazprom saw an unprecedented collapse on March 2 to a mere $250mn at the London Stock Exchange, following a single-day drop in its stock price of 97%.
The crash came as Western nations have been ratcheting up their sanctions against Russia’s economy in recent days in response to Moscow’s escalating war in Ukraine. Put in context, Gazprom’s market capitalisation was more than $68bn at the start of the year, and closed on March 1 at above $61bn.
As of 11:30 GMT on March 2, shares in Gazprom were priced at just $0.03 apiece, giving it a market capitalisation of $248.6mn.
Russia’s largest oil company Rosneft suffered a similar but less severe 67% nosedive in its share price to $0.88 per share on March 2, giving it a market capitalisation of $9bn. Shares in Novatek, Russia’s second-biggest gas producer, dropped over 96%, reducing its capitalisation to only $163mn.