Google Probe No Fix for Yandex Search Decline in Russia
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Yandex NV’s attempt to stem a loss in market share through an antitrust probe against Google Inc. will fail to reverse the company’s fortunes, according to OAO Gazprombank and OAO Raiffeisenbank.
Yandex, Russia’s largest search engine, retreated 3.3 percent last week in New York to $16.45, widening its decline this year to 8.4 percent, following a 58 percent plunge in 2014. The shares trade near the all-time low reached last month. Yandex’s slide compares with the 23 percent gain this year in the Bloomberg index of most-traded Russian companies in the U.S.