The New Law of the Russian Federation Caused the Collapse of Yandex Shares
The State Duma of the Russian Federation discussed a decision on limiting the participation of foreign investors in the media. It significantly affected the leading Russian information resources shares value. Thus, yesterday, October 11, Yandex shares fell 18% on the Moscow Exchange, as a result, the company fell immediately by 100 billion rubles ($1.53 billion). The opening trading on the US NASDAQ only confirmed the Yandex securities downward trend. At the same time, the value of Group shares fell by 3% on the London Stock Exchange. Analysts think, the reason for this is the Political Party United Russia representative`s bill, which proposes to limit the share of foreign capital in "significant information resources" to 20%. If a company refuses to comply with such a requirement - to limit the voting rights of foreigners to the same 20%, and punish the resources with a ban on advertising.