Shares of the owner of “Mosgorlombard” fell by 25% in two days

Shares of MGKL, which manages the Mosgorlombard network, lost 24.78% in two days. On Tuesday, October 27, securities at a minimum reached е 1,407 per share, which is 10% lower than the closing on Monday.

Quotes are down for the seventh consecutive session.

Not only shares of the MGCL company fall, but also bonds. Depending on the issue, they lost from 3% to 23% of the value, follows from the data of the Moscow Exchange as of 13:55 GMT. The largest drop is observed in the release of MGCL 001R-04 with maturity in January 2028. As of 13:55 MSK, one paper is trading at a price of 574, which is 23.06% lower than the closing price of the previous day. The yield on the last transaction is 90.72%.

In total, PJSC MGCL has eight issues of exchange bonds with a total volume of в3.85 billion. The public debt of the issuer together with the CFA, according to Cbonds, is бл5.9 billion. The closest issue to maturity - in December 2026 - MGCL 001R-01. At 13:55 GMT, it falls in price by 3.09%, while at a minimum it fell by 5.88%.

Shares and bonds are getting cheaper against the background of the message of the Federal Tax Service about the blocking of accounts of eight of the eleven subsidiaries of MGCL for a total amount of about $ 1.22 billion and bankruptcy cases of four of them, said Freedom Global analyst Vladimir Chernov. According to SPARK, bankruptcy applications were filed in court against Zvezda, Resale, Commission-2 and Glavmostorg.

In MGCL, RBC Investments was informed that the group’s operational activities continue, the companies work and serve customers.

“In parallel, we monitor the repayment of debts of individual subsidiaries and continue to work with tax authorities to fully resolve these issues. The debt of MGCL Team LLC is technical in nature and will be repaid. In the case of TechnoTrend LLC and Resale LLC, production has been discontinued, the company said.

Vitaly Manjos, an expert on the stock market at BCS World of Investments, explains that many investors in such cases prefer not to wait for full clarity about the current situation, but first get rid of a potentially problematic asset. This triggered the first wave of sales. Further, the MGCL securities updated their historical price minimum, which formed an objective technical signal in favor of eliminating positions, the expert notes. In such situations, there is usually a massive triggering of stop orders, which further enhances sales.

However, as the senior analyst of Vector Capital Alexander Golovinov emphasizes, the risks for the company are not limited to blocking accounts. On September 11, Expert RA downgraded the MGCL rating from ruBB- to ruB, pointing to opaque asset acquisition transactions, lending outside the group, as well as high debt and interest burden.

PJSC MGCL has one current credit rating – BB| from the NRA, which was assigned in November last year.

In addition, Golovinov recalls that the MGCL previously announced plans to buy the bank, but at the same time did not say at what expense such business expansion is planned.

“There are two options on the table: additional issuance and debt build-up. Both strategies are questionable for minority shareholders. Plus, Alexey Lazutin, CEO and shareholder of MGCL, increased the share in the company from 12.7% to 28%. On the one hand, this is a positive point, but the deal was held outside the exchange cups: it is unclear who exactly was the seller and at what price the package was bought, the expert notes

Dmitry Sergeev, Head of the Investment Advisory Department of Veles Capital, reminds that MGCL is not the first time that the information field has been negatively affected. Last year, the Central Bank of the Russian Federation caught the General Director of PJSC “MGCL” Alexei Lazutin in the use of insider information. In September of this year, on August 31, 2026, the Association of Bond Holders (ABO) sent an appeal to the Bank of Russia regarding the reporting of MGCL, namely, goodwill for more than .2 billion. This led to a decrease in the price of MGCL bonds.

What happens next: expert opinions

At the same time, it is too early to talk about an imminent default: the operating business remains profitable, and the nearest repayments of bonds are relatively small, says Yaroslav Kabakov, director of strategy at FG Finam. However, for stocks, according to him, the situation is much worse: until the company explains the origin of the claims and removes the blocking, the market will demand a high discount for corporate and financial risk, the expert believes. Therefore, the current rebound is possible, but a steady recovery of quotations without solving the problem with the “daughters” looks premature.

“Taking into account a series of negative information about the company and the particular nervousness of minority shareholders of MGCL and holders of MGCL bonds, it is better to refrain from active operations with the company’s financial instruments,” concludes Dmitry Sergeev.

A similar opinion is shared by Vladimir Chernov and Alexander Golovinov.

“In the next one or two weeks, I expect sharp fluctuations and I believe the risk of continued decline is still high.” After the company's stock prices fall to ных1.4, a rebound in the area of ных1.5-1.6 is possible, especially when confirming the removal of tax restrictions. However, I do not yet see any reason to consider the current quotation of ку1.4 as a minimum, since new negative messages can cause the next wave of sales, says Vladimir Chernov.

According to Manjos, panic sales are happening now. In such cases, the drop in quotations can last for several days.