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At $1, Citi share worth just a soft drink
March 06, 2009 19:14 IST
Buying one share of Citigroup will cost its CEO Vikram Pandit his full-year salary -- $1, which can also buy a soft drink at any neighbourhood McDonald's store.
There are, in fact, as many as eight items available at the US outlets of McDonald's for $1, which is now the price of one share of Citigroup -- the global financial behemoth having assets worth about $2 trillion.
In the previous trading session at New York Stock Exchange, Citi shares plunged by 10 per cent to hit a sub-$1 low of 97 cents, before closing at $1.02. This marks a sharp plunge from its 52-week high of $27 and over $50 a share before Pandit took over in December 2007.
With this sharp plunge, Citi has got the dubious distinction of being among the cheapest blue-chip stocks and probably the only one in the benchmark Dow Jones Industrial Average index stocks worth just about one dollar.
It is, however, closely followed by struggling carmakers GM and Ford, whose prices are now below two dollars. For one dollar -- also the annual salary of Pandit -- a plenty of products are available outside stock market, including some mouth-watering items at McDonald's.