Bankia share price plummets

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Bankia share price plummets

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Troubled Spanish lender Bankia has seen its share price drop over 28 percent as the stock exchange in Madrid opened on Monday morning.

The plummet of 45 cents meant shares were initially trading at 1.12 euros – a loss of more than 70 percent since the bank’s shares were listed on the stock exchange last July.

Bankia temporarily suspended trading on Friday as it was forced to ask for 19 billion euros – the largest bailout from the state in Spanish banking history.

This further request followed an injection from the government of 4.5 billion euros this month.

Bankia is heavily exposed to Spain’s collapsed property sector.