Putin Places Four Japan Tobacco Units in Russia Under Temporary Management

Japan Tobacco (JT) shares fell 19.3% in Tokyo on Nov. 6 after Russian President Vladimir Putin placed four Russian units under temporary management, putting at risk a business that accounts for about a quarter of JT’s adjusted operating profit. Putin signed the decree Nov. 5, placing four of JT’s Russian manufacturing companies under a Russian firm’s management. JT confirmed the move Nov. 6 and said it is gathering information to evaluate its options and the impact on the group. The stock closed at 6,269 yen, down 1,500 yen.

Source: TokenPost