Shares of Gazprom fell to an all-time low on Thursday, acting as the primary drag on the Russian equity market.
The state-run energy giant's sharp decline weighed heavily on the broader index, with the benchmark MOEX extending its longest losing streak in recorded history.
The sell-off in Gazprom underscores the deepening disconnect between the company's strategic importance and its market valuation.
As the anchor of the Russian energy sector, its performance is a key barometer for investor sentiment in Moscow.
The record low suggests that market participants are pricing in persistent structural headwinds, likely linked to the ongoing disruption of traditional export flows to Europe.
This equity weakness coincides with deteriorating fundamentals in the European gas market.