DUBAI (Reuters) – Shares in Saudi Aramco (SE:) plunged 10% in opening trade on Monday, following a sharp drop in oil prices after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month.
Aramco was trading at 27 riyals ($7.20), 15.6% below its initial public offering (IPO) price of 32 riyals, which in December valued the company at $1.7 trillion in the world’s biggest share offering. Saudi stocks also fell 9.11% in early trade.
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