Aramco trades below IPO price for first time, after OPEC pact unravels

Shares of Saudi state oil company Aramco slumped below their initial public offering (IPO) price on Sunday for the first time since they began trading in December, after OPEC’s pact with Russia to restrict oil supplies fell apart.
Aramco shares closed 9.1% lower at 30 riyals ($8.00), their sharpest one day percentage fall, and below the IPO price of 32 riyals. The Saudi market closed 8.3% lower.

Aramco’s record IPO in December gave it a market capitalisation of $1.7 trillion, making it the world’s most valuable company.

The deal was the culmination of Crown Prince Mohammed bin Salman’s efforts to open up the energy giant to outside investors and raise funds to help diversify the economy away from oil.