Saturday, October 16, 2021
HomeBusinessRouble Trouble for Indian Companies with Russian Presence?

Rouble Trouble for Indian Companies with Russian Presence?

The Russian rouble tumbled 11 per cent on Monday, or about half its value less than six months ago.

The fall in rouble prompted Russian central bank to hike interest rate to 17 per cent, from 10.5 per cent, in an emergency meeting.

Abrasives maker Carborundum Universal fell 3 per cent.

Slump in Russian currency seen negative for sales of company’s unit Volzhsky Abrasives Works, analysts said.

Volzhsky is the largest producer of silicon carbide abrasives in Russia, according to the company’s website.

Shares in other companies with operations in Russia also fell on Tuesday. With Dr Reddy’s Laboratories down 3.6 per cent, while Oil and Natural gas Corp traded 3 per cent lower.

Most Popular

- Advertisment -[the_ad id="220709"]