Saudi Aramco trades below IPO price for first time

DUBAI: Shares of Saudi Aramco fell below their initial public offering (IPO) price on Sunday for the first time since they began trading in December after the Opec oil supply cut pact with Russia fell apart on Friday.

Aramco shares were trading at 31.50 riyals ($8.40) at 0705 GMT, down 4.85 per cent, compared to the IPO price of 32 riyals. The Saudi market plunged 6 per cent in early trade.

Aramco's record IPO in Decmeber had valued the firm at $1.7 trillion, making it the world's most valuable company.