(Bloomberg) -- Saudi Aramco’s worst day since December’s record-breaking IPO is shattering the government’s $2 trillion valuation for the state-oil company.
The shares tumbled almost 10% on Sunday, meaning more than $400 billion of market value has been wiped out in about three months. Saudi Arabia started an oil-price war on Saturday after OPEC+ talks collapsed.
Aramco, the world’s biggest oil producer, reached the Saudi crown prince’s envisioned $2 trillion valuation on Dec. 16, just days after the IPO. The valuation was a point of contention and led to the offering being a largely domestic affair.
Sunday’s plunge mirrored Gulf indexes, many of which lost more than 5%.
--With assistance from Filipe Pacheco and Justin Carrigan.
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