Storage tanks are seen at the North Jiddah bulk plant, an Aramco oil facility, in Jiddah, Saudi Arabia, Sunday, Sept. 15, 2019.
Amr Nabil | AP
Shares of Saudi state oil giant Aramco traded below their original IPO price for the first time Sunday, at 30.90 riyals ($8.24) at 12:30 p.m. in Riyadh compared to the listing price of 32 riyals in December. That’s down 6.36% on the day.
Saudi Arabia’s stock exchange, the Tadawul, was down 7.7% in afternoon trading after plans to orchestrate a supply cut among OPEC and non-OPEC states collapsed amid investor fears surrounding the fast-spreading coronavirus.
Aramco became the world’s most valuable publicly-traded company when its share price gave it a record valuation of $1.7 trillion after 1.5% of the enormous firm was listed on the local stock exchange late last year.
Stock markets across the rest of the Gulf also fell dramatically during Sunday trading.
Abu Dhabi, Dubai and Kuwait indexes were all down several percentage points following the…