Bloomberg News

Sberbank Tumbles Most in Four Weeks as Ruble Drops to Dollar

November 01, 2011

(Updates with closing share price in second paragraph.)

Nov. 1 (Bloomberg) -- OAO Sberbank, Russia’s biggest lender, slid the most in four weeks as the ruble weakened for a second day against the dollar.

The stock lost 6 percent to 77.11 rubles, the steepest loss since Oct. 4. A weaker ruble encourages Russians to withdraw and convert ruble deposits, Sberbank’s main source of funding.

--Editors: Alex Nicholson, Ana Monteiro

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Alex Nicholson at anicholson6@bloomberg.net


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