PIK Group, one of Russia’s largest residential construction companies, plunged as much as 43 percent in London on Monday after JPMorgan Chase & Co. downgraded the developer to "underweight" from "overweight" on concern that it may default on some debt, The Moscow Times reported today. The developer may be unable to repay $700 million of debt due this year as the Moscow city government seeks to overturn housing orders PIK won in October and renegotiate prices, Elena Jouronova, a property analyst at JPMorgan in Moscow, wrote in a note to clients Monday. "We see a serious risk that the company may not meet some of its debt obligations, raising questions about the company's ongoing viability in its current shape," Jouronova wrote. "We are concerned that this may be a non-economic rescue that results in a significant change in shareholder structure." The bank removed its price estimate for the shares because of questions about how PIK will repay its debt, she said. Read more.