DUBAI (Reuters) – Shares of Saudi state oil company Aramco 2222.SE fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the OPEC oil supply cut pact with Russia fell apart on Friday.
FILE PHOTO: The logo of Aramco is seen as security personnel stand before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed
Aramco shares were trading at 31.10 riyals ($8.29) at 0724 GMT, down 5.8%, and below the IPO price of 32 riyals.
The Saudi market .TASI plunged 7% in early trade.
Aramco’s record IPO in December had valued the firm at $1.7 trillion, making it the world’s most valuable company. It hit an intraday high of 38.70 riyals on its sec