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Saudi Aramco shares fall below IPO price for first time, Gulf stocks plummet after OPEC deal failure
Shares of Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday, at 30.90 riyals ($8.24) at 12:30 p.m. in Riyadh compared to the listing price of 32 riyals in December. That’s down 6.36% on the day. Saudi Arabia’s stock exchange, the Tadawul, was down 7.7% in afternoon trading after plans to orchestrate a supply cut among OPEC and non-OPEC states collapsed amid investor fears surrounding the fast-spreading coronavirus.