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MTS Falls Most in 2 Weeks as Uzbek Court Seeks $600 Million Fine

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Nov. 9 (Bloomberg) -- OAO Mobile TeleSystems fell the most in two weeks on bets Russia’s largest mobile operator won’t restore operations in Uzbekistan.

MTS fell as much as 1.7 percent, the biggest intraday drop since Oct. 26, and traded down 1.3 percent at 231.28 rubles a share as of 11:15 a.m. in Moscow.

While an Uzbek court overturned a decision to confiscate MTS’s assets in the country, it demanded payment of a $600 million fine, the Russian operator said last night.

“It is premature to assume that MTS will restore its operations in the country,” Anna Lepetukhina, an analyst at Sberbank Investment Research, said in a note today. “The $600 million fine seems too high, given that it’s almost half of the value of this asset.”

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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