MNB to investigate MOL, Richter share drops

Deals

The National Bank of Hungary (MNB) will soon be flexing its muscles as the new financial market regulator in relation to the sharp decline in share prices experienced by gas-and-oil giant MOL and pharmaceutical company Richter on the Budapest Stock Exchange on Wednesday.

The MNB will be investigating whether insider influence was involved in the precipitous drops which dumped the overall BUX index 1.57% on Wednesday.

In trading on the Budapest Stock Exchange (BSE) on Wednesday, MOL shares lost 4.39% in value to fall to HUF 14,600 on an exchange-high turnover of HUF 8.58 billion, the damage precipitated by reportage and rumors that Norway’s Oil Fund could sell its 1.6% stake in the company due to the arrest warrant issued for CEO Zsolt Hernádi in relation to the infamous bribery case involving ownership in Croatia-based MOL peer INA and the downfall of a prime minister.

Richter stock meanwhile declined 0.97% to HUF 4,090 on turnover of HUF 4.74 billion due to a report that the pharma would be returning to a listing in the MSCI Index -- but only weighted at 50% value.

Both stock prices were up slightly in yesterday’s trading, MOL regaining 0.32% in that day’s BSE-high trading of the stock and Richter was up 2.2%.

ADVERTISEMENT

The New Age of Commerce is Approaching Analysis

The New Age of Commerce is Approaching

Horthy Statue to be Unveiled in Parliament Parliament

Horthy Statue to be Unveiled in Parliament

UPS Appoints Regional Director Appointments

UPS Appoints Regional Director

Completion of Metro Line M3 Renovation Delayed City

Completion of Metro Line M3 Renovation Delayed

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.