The Moscow Court of Arbitration has put shares of Bashneft held by Sistema back under state control. Judge Olga Alexandrova said that Sistema had 5 days to get hand over the shares, Interfax reports.A month was given to appeal the court’s decision.The value of Sistema and Bashneft shares dropped by 2.2% after the announcement of the court’s decision. They had grown in price by 15% a day earlier. The common stocks of Bashneft slowed the growth rate from 8% to 3.2%. Preferred shares went back to the rate of Wednesday, which was 7%.
The Moscow Court of Arbitration has put shares of Bashneft held by Sistema back under state control. Judge Olga Alexandrova said that Sistema had 5 days to get hand over the shares, Interfax reports.
A month was given to appeal the court’s decision.
The value of Sistema and Bashneft shares dropped by 2.2% after the announcement of the court’s decision. They had grown in price by 15% a day earlier. The common stocks of Bashneft slowed the growth rate from 8% to 3.2%. Preferred shares went back to the rate of Wednesday, which was 7%.
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