Banco Popolare shares plunge 16 pct after surprise rights issue
MILAN Jan 27 (Reuters) - Shares in Banco Popolare fell 16 percent on Monday and were suspended from trading after the Italian lender unexpectedly announced plans for a 1.5 billion-euro ($2.05 billion) rights issue.
The bank said late on Friday it would carry out the cash call in the first half after preliminary 2013 figures pointed to a larger-than-expected 600 million euro loss last year due to mounting loan writedowns.
At 0847 GMT the stock was suspended for excessive fall after losing 16.3 percent at 1.268 euros.
($1 = 0.7307 euros) (Reporting by Danilo Masoni, editing by Valentina Za)
- Malaysia military tracked missing plane to west coast: source |
- Malaysia air probe finds scant evidence of attack: sources |
- Confrontation in Ukraine as diplomacy stalls |
- N.Korea using sophisticated means to avoid U.N. sanctions - U.N. report
- Freescale loss in Malaysia tragedy leads to travel policy questions