Yandex Sinks as Putin Hints at Stronger Internet Control
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President Vladimir Putin’s threat to subject Yandex NV, Russia’s largest search-engine company, to more regulation is deepening the stock’s selloff.
Yandex plunged 10 percent to $24 in New York today after slumping 5.6 percent yesterday as Putin said the government is considering what types of companies should be recognized as media outlets, which require a license in Russia. He said the issue with Yandex, which republishes news stories on its website, isn’t a simple one. The stock is down 44 percent this year, making it the worst performer on the Bloomberg index of the most-traded Russian stocks in the U.S., after doubling in