The Russian energy giant Gazprom announced its decision not to pay dividends for 2021, after which the company's shares dropped in price by almost a third. Following Gazprom, Sberbank took the same decision. This provoked a collapse in the Russian stock market, according to the Russian media.
Thus, the annual general meeting of shareholders of Gazprom, according to the PJSC, did not decide on the issues of profit distribution and dividends for 2021.
After that, the Russian media reported, citing data from the Moscow Exchange, that Gazprom stock fell by one-third (-30.2%, to 207.69 rubles apiece). Before the announcement the gas concern's shares were trading at 310.82 rubles (+4.4%) on the Moscow Exchange. By 12:27 Moscow time they were trading at Rub. 227 per share (-23.46%).
After Gazprom, the meeting of shareholders of the Russian Sberbank decided not to pay dividends for 2021. According to reports, the quotations of the largest bank of the country fell by 3.76% and reached 127.81 rubles per share.
The Insider has already stated that Gazprom and Sberbank have brought down the Russian stock market - the decision to refuse to pay dividends has led to panic at the Moscow Stock Exchange and a total sell-off. The Mosbirzh Index at its peak was down 7% to 2,184.71 points.