Spain's Bankia plummets after new share valuation

MADRID, March 25 Mon Mar 25, 2013 5:21am EDT

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MADRID, March 25 (Reuters) - Shares in Spain's largest rescued lender Bankia dropped 41.04 percent to 0.148 euros shortly after opening on Monday after the country's bank restructuring fund valued them at 0.01 euro on Friday night.

The shares, which began trading more than an hour after the market opened because demand could not match supply, lost more than 46 percent at the open. Shares briefly fell by as much as 52 percent before recovering slightly.

The new valuation was imposed by the European Union as Bankia prepares to get a capital injection of 10.7 billion euros out of European rescue funds. ($1 = 0.7694 euros) (Reporting by Julien Toyer; Editing by Paul Day)

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