The shares of the company VEON Ltd (NASDAQ:VEON) has been in the middle of a significant selloff in the past few days. The trend remained the same this past Friday as the stock tanked by another 8% and that took the cumulative decline for the past week to as much as 25%.
Trading Data
On Friday, VEON stock decreased 8.44% to $0.5585 with more than 19.89 million shares, compared to its average Friday of 32.07 million shares. The stock moved within a range of $0.5500 – 0.6034 after opening trading at $0.5888.
Major News
That being said, it is also necessary to remember that there has been no news at all about the company in the past week. The last time the company was in the news was back on March 11 following a key announcement from the company.
The internet service providing company, which is based out of The Netherlands, announced at the time that its subsidiary company had prepaid a long worth as much as $259 million to VTB Bank. That was a major new announcement from the company and may have led to considerable focus among investors.
The repayment of the loan meant that VEON no longer had any more debts on its books. However, it is still unclear if the selloff in the stock last week was in any way linked to that development. It may be a good idea for investors to keep an eye on the stock today.
Technical Data
VEON stock is trading below 20-Day and 50-Day Moving averages of $0.62 and $1.05 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.68.
