A 50% Crash in Key Hungarian Stock Signals Trouble for Orban

For years, 4iG Nyrt has been a crown jewel of Viktor Orban’s economy, a sprawling telecoms and defense powerhouse with a soaring stock price. But now the shares are plunging and sending perhaps the clearest signal yet that investors are preparing for the end of the Hungarian prime minister’s 16-year reign.

The stock has collapsed about 50% from a 2025 peak, erasing part of a rally that at one point stretched to 500%, with the slide accelerating as opinion polls point to Orban’s losing this month’s election.