Tinkov’s Facebook Ire Disregarded in 62% Post-IPO Plunge
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Two months after TCS Group Holding Plc founder Oleg Tinkov called investors “irrational” for punishing his stock, the rout is deepening.
TCS, which controls Russia’s third-largest credit-card issuer, sank 18 percent in London yesterday after the bank’s executives signaled in a Moscow meeting that Russia’s slowing economy is causing more loans to sour. The plunge left the stock down 43 percent since Tinkov turned to Facebook Inc. on Jan. 28 to lament the “stupidity” he’s seen from investors since the bank’s initial public offering in October. The stock is down 62 percent from its IPO price through yesterday’s close.