Carlsberg Keeps Hedging Options Open Amid Ruble Losses

As Carlsberg A/S reviews its policy on how to hedge ruble losses, the company’s market value has slumped more than $2 billion in less than a month.

Shares in the Danish company, which is the biggest beer maker in Russia, had plunged 15 percent this month through yesterday, giving it a market capitalization of 70 billion kroner ($12 billion). Trevor Stirling at Sanford C Bernstein says the slump is “all down to the fall of the ruble.” Over the same period, Russia’s currency lost 27 percent against the euro.