Today, Yandex's stock sharply dropped in price amid discussions in the State Duma about a draft bill on significant information resources, which proposes restrictions on foreign ownership and management of internet resources that are important for infrastructure development.
According to RBC, within an hour of trading on the American NASDAQ exchange, Yandex's shares fell by more than 16%, continuing to decline and dropping over 18% by 5:40 PM Moscow time. On the Moscow exchange, the company's shares also lost value, falling 18.39% by 5:30 PM Moscow time.
According to the amendments to the legislation discussed in the relevant committee of the State Duma on October 10, the share of foreign companies and individuals in such resources should be limited to 20%. If this condition is violated, the draft bill's authors propose banning advertising of this resource and the services it provides in Russia, as well as the placement of advertisements on it.
Although the list of significant internet resources, as per the draft bill, will be determined by a special government commission, the initiative's author, Deputy Anton Gorelkin, mentioned among potential candidates for inclusion in this list Yandex and Mail.Ru Group. However, this has not yet affected Mail.Ru Group's stock.
Source: 3dnews.ru
