Spain's Bankia shares fall 12.5 percent after negative valuation
MADRID Dec 27 (Reuters) - Shares in nationalised Spanish lender Bankia fell 12.5 percent at the opening of the stock market on Thursday after the bank rescue fund FROB disclosed on Wednesday the entity had a negative valuation of 4.2 billion euros ($5.6 billion).
The Spanish stock market regulator had initially classed the shares "under auction" -- a procedure that kicks in when there is a particularly large order to buy or sell a stock and big mismatches between bids and offers.
Shareholders in the lender, who have already lost about 80 percent of their investment since the flotation of the bank in July 2011, face further heavy losses, a source close to the Bank of Spain said on condition of anonymity.
- Special Report: Thailand secretly supplies Myanmar refugees to trafficking rings |
- NSA gathers data on cellphone locations globally: report
- The 10 Most Corrupt and Least Corrupt Countries in the World
- Dementia epidemic looms with 135 million sufferers seen by 2050
- Obama says he's not allowed iPhone for 'security reasons'