Grizzly Research published the report. The Austrian lender says it is wrong.
Shares in Raiffeisen Bank International were headed for their worst single-day performance in more than four years Thursday, following the publication of a short-seller report by Grizzly Research related to the bank's business in Russia. Raiffeisen said it disputes the report.
Russia exposure has been a persistent overhang
Raiffeisen has faced sustained investor and regulatory scrutiny over its Russian operations since the country's invasion of Ukraine, given the bank's unusually large footprint there relative to Western peers. A short seller's report targeting that exposure lands on ground that was already sensitive for the stock, which helps explain the scale of Thursday's reaction.
What to watch
Whether Raiffeisen issues a detailed, point-by-point rebuttal, and whether other analysts covering the bank weigh in independently, will determine how quickly the market resolves the dispute between the short seller's claims and the company's denial.