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Saudi Aramco is the top oil producer in the wrld

Saudi Aramco shares nosedive

Shares of Saudi Aramco 2222.SE hit 32.50 riyals ($8.66) in intraday trade on Sunday, the lowest since it began trading in December following a record initial public offering, as oil prices plunged amid worries about the global spread of the coronavirus.

Aramco shares broke past their previous low of 32.60 riyals, but were still above their IPO price of 32 riyals. At 32.50 riyals they were down 2.55% on the day.

The state-owned oil giant raised $29.4 billion in the world’s biggest IPO, by selling 1.7% of the company.

Source: Reuters

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