Kulczyk Oil Slumps on First Day of Trading in Warsaw
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Kulczyk Oil Ventures Inc. slumped as much as 7.9 percent from its initial public offering price as the exploration company controlled by Polish billionaire Jan Kulczyk started trading on the Warsaw Stock Exchange.
The shares fell to as low as 1.74 zloty and traded at 1.83 zloty at 1:14 p.m. in Warsaw, valuing the company at 713 million zloty ($209 million). The benchmark WIG20 Index declined 2.3 percent today, heading for the lowest close in three months, as signs of weakness in the Spanish banking system increased concern that Europe’s debt crisis is spreading.