LONDON: Panic gripped the London Stock Ex­­change after the nationalisation of oil ind­ustry by the Iranian Majlis was announced yesterday [March 15]. As soon as this news was known, a further fall in the shares of the Anglo-Iranian Oil Company threw the dealers into a confusion. Since the assassination of General Ali Razmara, British Government, which holds the controlling share in the Com­pany’s ordinary stock, is understood to have lost nearly Rs 80 crore (8,000,000 pounds).

…British Government’s investment in the Anglo-Iranian Oil Company has been regar­ded as Britain’s finest investment. This investment dates back to the World War I… . … Be­­fore the assassination of Gen Razmara, the Government’s shares were valued at six times their original price. These shares are still worth something like Rs 600 crore (60 million pounds). The fact that the decision of the Iranian Majlis came only a few hours after the British Ambassador in Teheran had delivered a note to the Iranian Government, reiterating the demand for protection of Britain’s oil interests, is causing deep anxiety in both the Whitehall and London’s financial circles. — News agencies

Published in Dawn, March 17th, 2026