diff --git a/zipline/data/data_portal.py b/zipline/data/data_portal.py
index 5ddf01107b..29c512c246 100644
--- a/zipline/data/data_portal.py
+++ b/zipline/data/data_portal.py
@@ -684,7 +684,8 @@ def get_adjusted_value(self, asset, field, dt,
 
         if isinstance(asset, Equity):
             ratio = self.get_adjustments(asset, field, dt, perspective_dt)[0]
-            spot_value *= ratio
+            if field != 'last_traded':
+                spot_value *= ratio
 
         return spot_value