VTB Bank stock sinks below nominal value amid Ukrainian strikes on Wildberries

VTB Bank shares fell below their 50-ruble nominal face value for the first time in the bank's history, dropping 3% in a session and 45% year-to-date, after Ukrainian drone strikes hit Wildberries and Ozon logistics hubs. VTB's market capitalization now sits at roughly $7.7 billion, despite the bank holding $418.6 billion in assets and $101.7 billion in retail deposits — a valuation analysts note is a third of Pop Mart's Labubu doll franchise.

The bank's exposure runs deep: VTB struck a strategic partnership with Wildberries in May, only for the retailer to lose a third of its warehousing capacity to strikes, and VTB also holds an Ozon equity stake pledged as loan collateral, with Ozon shares down 45% since early summer. Non-performing assets on VTB's books rose to 14.2%, a third above the Russian banking sector average, as Ukraine's Ministry of Defense confirmed its campaign has expanded from Wildberries's fifteen largest fulfillment hubs to Ozon facilities across three oblasts.

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