Mechel collapse pushes MICEX down | Russia Beyond The Headlines

Mechel collapse pushes MICEX down | Russia Beyond The Headlines:

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Mechel's financial position has been unsteady since July 1. The company is due to pay $965 million
this year to creditors, and $2.48 billion in 2014. Source: ITAR-TASS

Russia’s Central Bank will audit the transaction involving the shares of mining and metals giant JSC Mechel, which mysteriously collapsed by 41 percent during auctions on Nov. 13.
The company’s shares on the New York Stock Exchange lost 19.9 percent on the same day.
Reduced rates on the Moscow Stock Exchange continued from the start of trading, but after 17:00 Moscow time it accelerated sharply. By 18:09 shares had fallen by 47 percent to 50.7 rubles. The Micex index fell to 1,466.82, the lowest in three months."

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