Russia Stocks Drop as Court Freezes Sistema’s Stake in Bashneft
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Russian stocks fell, trimming a weekly advance, as AFK Sistema slumped after prosecutors filed a lawsuit to return the investment company’s shares in oil producer OAO Bashneft to the state.
The Micex Index decreased 0.3 percent to 1,432.00 by 1:03 p.m. in Moscow as 34 of the gauge’s 50 members retreated. Sistema plunged 18 percent, extending its weekly slide to 23 percent, while Bashneft lost 7.3 percent. The American depositary receipts of Sistema unit OAO Mobile TeleSystems declined 1.7 percent yesterday. Competitor OAO MegaFon, Russia’s second-largest wireless operator, rose 0.5 percent today.