December 28, 2012

Bankia shares tumble due to 10.4-billion-euro hole

Shares of troubled lender Bankia plummeted on Thursday by as much as 14 percent on the Madrid stock exchange after three independent audits showed that bank, and its holding company BFA, have a negative value of 10.4 billion euros.

Stocks were trading at 0.58 euros per share, a significant drop from the 3.75 euros investors paid in July 2011 when Bankia made its debut on the blue-chip Ibex 35. Bankia collapsed in May of this year when a hole of some 19 billion euros was uncovered. Read more.

El País

Related,
Brussels approves 1.865 billion in funding for four Spanish banks - El País

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