Gazprom's shares fall below $1.35 for first time since 2009

Shares of Russia’s state-owned energy major Gazprom fell below 100 roubles ($1.35) on June 22 for the first time since 2009, according to data from the Moscow Exchange.

The company’s stock has come under sustained pressure amid multiple challenges, including Europe’s shift away from Russian energy following the conflict in Ukraine, Caliber.Az reports, citing Reuters.

Experts estimate that fluctuations in global oil prices linked to diplomatic progress between the United States and Iran, as well as the lack of a new gas supply agreement with China, could have triggered the decline.

Analysts also pointed to recent Ukrainian drone strikes on a Moscow oil refinery operated by Gazprom Neft as another factor weighing on investor sentiment.

The company has also not issued dividends in recent years, further dampening market confidence.

According to exchange data, Gazprom shares dropped 3.67% on the day to 100.65 roubles, briefly touching 99.9 roubles during trading.

Over the past 12 months, the stock has lost roughly one-fifth of its value, bringing Gazprom’s market capitalisation to about 2.382 trillion roubles ($32.15 billion) — a sharp contrast to earlier management projections from 2008 that had once envisioned a $1 trillion valuation.

By Bakhtiyar Abbasov