Saudi Aramco dip 2% over spread of coronavirus, witnessing lowest since IPO | Business


Saudi Aramco logo is seen as security personnel stand before the start of a press conference at the Plaza Conference Center in Dhahran, Saudi Arabia, November 3, 2019. REUTERS/Hamad I Mohammed/Files

DUBAI: Shares of Saudi Aramco 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.

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