Aug. 5 (Bloomberg) -- OAO Razgulay, the Russian grain and sugar producer, dropped by the most in more than a month after Russia said it will impose an export ban on grain amid the worst drought in half a century.
The stock fell 2.8 percent to 48.31 rubles, its biggest drop since July 1. The shares earlier slumped as much as 5.2 percent.
The ban will run from Aug. 15 to Dec. 31, Prime Minister Vladimir Putin’s spokesman, Dmitry Peskov, said by telephone in Moscow today. Earlier, Putin said a ban would be “appropriate” after drought and record heat in central Russia and along the Volga River forced the government to declare a state of emergency in 28 crop-producing regions.
Razgulay surged earlier this week to its highest level in almost three months on speculation wheat futures may continue their rally after jumping the most in a month since 1973 in July.
To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org