Gazprom shares plunge 30% against failure to pay dividends

Gazprom shares plunge 30% against failure to pay dividends

The annual general meeting of PJSC Gazprom shareholders decided not to approve the distribution of the company's profit and dividends for 2021.

This was reported by the company press service via Telegram.

"Shareholders have decided that in the current situation, it would be impractical to pay dividends in 2021," commented Famil Sadygov, Gazprom's deputy chief.

At the same time, the value of Gazprom's shares has fallen 30% since the start of trading at the Moscow Stock Exchange in the wake of the move. In the next few hours, the stock price somewhat recovered so the fall stands at 27%.

Read also: Russia cuts gas supplies through Nord Stream by 40%

In May, the executive board recommended dividends at RUB 52.53 per share for 2021.

As previously reported, in June, Gazprom informed companies from Austria, Germany, and Italy about the reduction in gas supplies. At the same time, Gazprom cut gas flows along the Nord Stream pipe to 67 million cubic meters per day (60% of the target figure).

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