Shares of Russia’s Sberbank hit rock bottom on London Stock Exchange

By Ovunc Kutlu

ANKARA (AA) - Russia’s biggest lender Sberbank saw its shares hit rock bottom Wednesday on the London Stock Exchange.

The steep decline in the bank’s stock price came after Sberbank announced that it is pulling out of the European market as its subsidiaries have been experiencing "abnormal cash outflows."

The stock price fell to as low as $0.01 per share on the London Stock Exchange with a whopping 78.4% decline in a single day.

Shares of Sberbank plummeted to $0.633 in over-the-counter off-exchange trading in the US for almost an 11% daily loss.

The European Central Bank said earlier this week that some European subsidiaries of Sberbank are considered to be on the verge of declaring bankruptcy.

Sberbank was one of the major Russian financial institutions that was cut off from the global financial system by US sanctions last week against Russia over its war on Ukraine.