February 26, 2013 / 8:26 AM / in 5 years

Italy shares extend post-election loss as banks plunge

MILAN, Feb 26 (Reuters) - The Italian stock market extended early losses to be down nearly 5 percent on Tuesday after an inconclusive result in Italy’s parliamentary elections raised fears of a political stalemate that could re-ignite the euro zone debt crisis.

Banking stocks, which had earlier failed to open for excessive losses, started trading deeply into the red, dragging the whole blue-chip index lower.

The country’s two largest lenders, Intesa Sanpaolo and UniCredit, fell 8 percent and 7 percent respectively while insurer Generali shed 6 percent.

Reporting By Silvia Aloisi; editing by Francesca Landini

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