On July 29, shares in Yandex continued their fall at the Moscow Exchange: in the first 30 minutes of the trading day, Yandex stocks fell by 4.6% to the level of the end of the previous day, and by 12 pm they fell by 4%. At the same time, the Moscow Exchange index grew by 1.1%.
At the end of the trading session on July 26, there was a report of a draft law limiting foreign ownership in Russian major IT companies to 20%. Before this news, Yandex stocks were growing by almost 8% due to a report on the company’s good performance on the global exchanges, but soon after they began to fall and dropped by 5% by the end of the trading day in Moscow.
In order to protect personal data of Russian citizens, the draft law demands that equipment and databases of major information resources must be located in the Russian Federation.