Investing.com -- The market value of Rusagro, a prominent Russian producer of sugar, meat, oil, and fat products, has experienced a significant decrease on the Moscow stock exchange.
This downturn has occurred following the recent news of the detention of the company’s billionaire founder, Vadim Moshkovich, which was made public on Wednesday.
Rusagro’s shares dipped to an intra-day low of 156.32 roubles on Thursday, according to Reuters. This was a decrease of more than 32% from the opening price of 230.50 roubles on Wednesday.
The news of Moshkovich being charged by the police was released on Wednesday. Since then, the company has seen nearly a third of its market value disappear on the Moscow stock exchange.
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