Bankia shares drop after short-selling is allowed

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01-02-2013 11:34

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Shares of nationalised Spanish bank Bankia suffered a sharp drop on early Friday morning, the first trading day after Spanish market regulator CNMV lifted its ban on short-selling.

According to the latest filings with the CNMV, short positions on Bankia made up only 0.26% of capital as of January 25th. Back in July 13th, that percentage stood at around 1.0%.

In a separate matter, it was reported that Bankia's preference shares and subordinate debt will be converted into common stock, giving preference shareholders and debt holders a 20% stake of the bank. The remaining 80% will belong to the Spanish government and current shareholders.

Shares were down 9.98% at €0.46 by 15:18 in Madrid.

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