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Shares of PIK Group plunge as FSB searches its office

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Shares of PIK Group plunge as FSB searches its office

Shares of PIK Group of Companies, a Russian major developer, have fallen more than 6% amid reports about searches conducted in its central office in Moscow.

The day before, on May 17, an auction closed at 290,9 rubles per share. During an auction on May 18, the value of shares decreased to 274 rubles, according to the Moscow Exchange’s website.

On Thursday, media reported that the company’s Moscow headquarters were closed during investigative actions, but after they were over, the office resumed operation.

As TASS news agency reports with a reference to its source in law enforcement agencies, investigative actions have been conducted in PIK’s office by operatives of the Federal Security Service (the FSB) of Russia. However, the source did not specified what was the matter of the investigation.

As a reference, PIK Group was founded in 1994. The company is one of Russia’s leading public developers of large-scale residential projects implemented throughout the country.

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