MOSCOW — The street protests in Moscow that have raised the prospect of deep political reforms have had the opposite effect on the country’s stock exchange: it has plummeted faster than any other major equity market in the world over the last two weeks.

The plunge is all the more remarkable because many foreign investors, who drive the market here, have been grumbling for years about the same problems of pervasive corruption, judicial fraud and political stasis that angered the protesters.

Instead, investors have focused on the short-term instability, even if the goals of the protesters are in line with those of investors.

“There are cracks appearing in the facade,” Bruce Bower, a portfolio manager at Verno Capital in Moscow, said in a telephone interview.