Aramco shares plunge as oil prices weaken on output surge plans - Reuters:
Shares of Saudi Aramco 2222.SE fell sharply in afternoon trade on Wednesday, reacting to a 1% drop in oil prices after Saudi Arabia announced plans to boost oil output capacity for the first time in more than a decade.
At 1159 GMT, Aramco shares were trading at 29.70 Saudi riyals ($7.91), down 4.7% from their previous close, and well below their initial public offering price of 32 riyals, which in the December listing valued Aramco at $1.7 trillion.
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