Yandex capitalization loses 90 bln rbl amid Sberbank deal rumors

MOSCOW, Oct 19 (PRIME) -- Capitalization of Russian Internet company Yandex has tumbled by almost 90 billion rubles within two days amid media reports on a possible sale of up to 30% of the company to the country’s biggest bank Sberbank, PRIME said on Friday.

Yandex’s common shares have lost 10% to 2,011.5 rubles, the lowest since April. Sberbank’s shares were down 1.4% and the MOEX Russia Index sagged 0.6% as of 1 p.m. Moscow time.

BCS Broker analyst Vasily Karpunin said market participants disliked a possible entrance of the state bank into the capital of the IT company despite Sberbank’s denial of the information.

Aton analysts said the state bank controlling Yandex is not a promising prospect.

(65.7238 rubles – U.S. $1)

End