Carlsberg’s shares on Thursday fell to their lowest levels in more than five years amid fears that the Russian government will allow the rouble to weaken, hitting the Danish brewer’s profits.

The shares, which have lost half their value over the past month amid concerns over the brewer’s strong exposure to Russia, dropped Dkr20.50, or 9.4 per cent, to Dkr198 in Denmark as economists questioned how much longer the Russian government will prop up the rouble. The Russian government has been spending billions of dollars in recent months to support the rouble (which it manages against a basket of dollars and euros), and has stressed it has no plans for devaluation. But many economists believe it cannot keep spending at these rates and that it is getting close to the point where it will allow the rouble to weaken.