Shares of Russian oil major Yukos plunged more than 8 per cent in early trade this morning on the MICEX bourse to under 112 roubles on fresh reports about new back tax claims against the firm.
The Financial Timesreported today authorities were considering launching a $3 billion tax demand against Yukos's main subsidiary Yugansk in addition to a $3.4 billion claim against Yukos itself for 2000 and another $3.4 billion for 2001.
"Claims such as these could potentially be made against other production units which would only add to the already negative sentiment. It would bring the total outstanding claims against Yukos to $10 billion," said UFG brokerage.
"The aim of this new tax demand appears to be to reduce the value of Yugansk to enable some of the state companies to acquire it," the brokerage said in a note.