OAO Comstar United TeleSystems, the telephone and internet company controlled by AFK Sistema, had its biggest drop in almost two weeks after ING Groep NV downgraded the stock.
The stock fell for a third day, declining as much as 9.3 percent, the most since Jan. 23, 2009. Comstar closed 2.9 percent lower at 183 rubles in Moscow.
Comstar’s current share price is not justified because a deal to swap Sistema’s stake in the company for shares in OAO Moscow City Telephone will probably be delayed beyond April, ING analysts led by Yulia Mustafinova, said in a research note e-mailed to clients today.
ING left its price estimate unchanged at $6.26 per global depositary receipt.