Bank of Georgia Falls Most in Three Months With Election Result
Bank of Georgia Holdings Plc, which began trading on the London Stock Exchange in February, fell the most in more than three months as the country’s president conceded defeat in yesterday’s election.
Bank of Georgia declined as much as 95 pence, or 7.4 percent, to 1,183 pence, the most since June 15, and traded at 1,200 pence at 12:10 p.m. in London, valuing the lender at 431 million pounds ($696 million).
Georgian President Mikheil Saakashvili said today his United National Movement Party will go to opposition after exit polls and partial results showed billionaire Bidzina Ivanishvili’s coalition won the most votes in parliamentary elections.
“The election will have made people a bit nervous,” said Vivek Raja, an analyst at Oriel Securities Ltd. in London. “I’m not too worried in terms of the outlook for the bank’s investment case, regardless of who wins this election.”
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