Shares of Russian aluminum giant RUSAL plummeted by 7.41% on Monday, October 8, 2024, after its parent company En+ Group announced plans to delist its global depositary receipts (GDRs) from the London Stock Exchange (LSE).
En+ Group, which owns a controlling stake in RUSAL, stated that the request for cancellation of the GDR listing is made to comply with a Russian federal law prohibiting the offering and trading of foreign securities representing shares of Russian issuers outside of Russia.
The delisting move has raised concerns among investors about the ability to freely trade RUSAL's shares, potentially impacting liquidity and investor confidence. The delisting is expected to take effect on November 8, 2024, according to En+ Group's statement.
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