JT shares plunged after the Russian government decided to place the assets of JT's local subsidiary under the management of a Russian company. The Japanese government is reported to have called for the measure to be withdrawn.
Following the Russian government's decision to place the assets of JT's local subsidiary under the management of a Russian company, the Japanese government protested and called for the measure to be withdrawn.
The move led to a sharp fall in JT shares, and reference was also made to the Ministry of Finance's ownership ratio and cases involving other Japanese companies.
JT shares fell approximately 19.3% from the previous day in the Tokyo market on 6 November, closing at ¥6,269. The surge in selling reflected concerns about the impact of Russian management.
A past example of a company placed under Russian control is the case of DMG MORI, where the effective control of a plant was reportedly transferred to the Russian side.