Raiffeisen shares hit by Grizzly short over Russia trade
Raiffeisen shares hit by Grizzly short over Russia trade Sept 17 (Reuters) - Shares in Raiffeisen RBIV.VI fell nearly 10% on Thursday, after Grizzly Research disclosed a short position, alleging the Austrian lender was involved in $1.19 billion of Russian trade in goods subject to Western sanctions and restrictions.
Grizzly said in a report published on its website that Raiffeisen "has become a key channel for sanctions circumvention in Russia's wartime economy, while assuring investors, regulators and the public that it is winding down its business there."
Raiffeisen said it had seen a number of factually wrong and misleading statements in an initial review of Grizzly comments.
By 0743 GMT, the stock was down 8.7%, trimming year-to-date gains to 55%.
(Reporting by Danilo Masoni; Editing by Amanda Cooper)
((Danilo.Masoni@tr.com; Reuters Messaging: danilo.masoni.thomsonreuters.com@reuters.net/))
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