Aramco’s Drop Below IPO Price Deals Blow to Saudi Economic Plan
- Shares tumble 9.1% as Saudi Arabia starts oil-price war
- IPO was central to crown prince’s push to diversify economy
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Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets battered the outlook for the kingdom’s flagship oil company.
The stock fell as much as 9.4% in Riyadh before trimming losses to close down 9.1% at 30 riyals. That compares with the 32 riyals at which it began trading on Dec. 11. The Tadawul All Share Index retreated 8.3%.
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Aramco’s Drop Below IPO Price Deals Blow to Saudi Economic Plan