Global Post
Lizzy Tomei, August 7, 2012 12:06
The British bank sees its sharpest one-day decline since 1988 after allegations of money laundering from the US.
Shares of Standard Chartered, the British bank that has come under scrutiny in New York for allegedly helping Iran launder money, fell by $12.5 billion on Tuesday, the Associated Press reported.
The drop represented almost 24 percent of the bank's stock value, The New York Times said. According to Bloomberg data, "it was the sharpest one-day decline in the bank’s shares since at least 1988," the Times wrote.
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