VTB Bank shares significantly lower than Labubu manufacturer
VTB Bank’s stock has plunged to historic lows, trading below its nominal value of 50 rubles for the first time, as reported by local media. The shares dropped 3% in just one day, marking an 11% decline since early August and a staggering 45% drop since the beginning of the year.
Since 2015, the market capitalization of VTB has fallen by 88%, equating to a loss of 4.7 trillion rubles. Currently, the bank, which holds assets worth 35 trillion rubles and 8.5 trillion rubles in customer deposits, is valued at only 646 billion rubles, or approximately $7.7 billion—three times less than the well-known Chinese doll manufacturer Labubu.
The situation is exacerbated by VTB’s obligations linked to Wildberries. In late May, the bank announced a strategic partnership with the marketplace, which has since come under attack from Ukrainian drones. Wildberries has reportedly lost a third of its warehouse capacity, with direct losses amounting to several hundred billion rubles.
Furthermore, VTB is also tied to Ozon, which has become another target of Ukrainian strikes. Since the beginning of summer, Ozon’s shares have fallen by 45%.
