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Bankia plummets after new share valuation

Source: Reuters - Mon 25th Mar 2013
Bankia plummets after new share valuation

Shares in Spain's largest rescued lender Bankia dropped 41.04% to 0.148 shortly after opening on Monday after the country's bank restructuring fund valued them at 0.01 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% at the open. Shares briefly fell by as much as 52% before recovering slightly.

The new valuation was imposed by the EU as Bankia prepares to get a capital injection of 10.7 billion out of European rescue funds shortly after opening on Monday after the country's bank restructuring fund valued them at 0.01 on Friday night.

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