Norilsk Discounted as Billionaire Feud Ignited

Norilsk Discounted as Billionaire Feud Ignited

Andrey Rudakov/Bloomberg

Norilsk’s American depositary receipts traded at 7.8 times estimated earnings yesterday, compared with an average multiple of 12.9 for companies on the MSCI Emerging Markets Materials Index, the biggest discount since December 2010, according to data compiled by Bloomberg.