MADRID Dec 27 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.