Russia's Micex Index Falls Most Ever

Russia's Micex Index fell the most since Bloomberg began tracking the measure in May 2001, losing 14 percent, after the cost of borrowing in dollars overnight more than doubled and as oil prices tumbled.

OAO Sberbank and OAO VTB Group, Russia's two biggest banks, led the decline in Moscow, falling 14 percent and 16 percent respectively.

The ruble-denominated Micex plunged 14 percent to 919.24 at 4:11 p.m. in Moscow, the lowest level in almost three years. The dollar-denominated RTS Index dropped 10 percent to 1,151.16, a 54 percent retreat from its highest close of 2,487.92, on May 19.

9/16/2008 5:36:01 AM