Standard Chartered shares value drops by $12.5 billion; bank defiant against allegations [1]

Global Post

Lizzy Tomei [2], 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 [3] for allegedly helping Iran launder money, fell by $12.5 billion on Tuesday, the Associated Press reported [4].

The drop represented almost 24 percent of the bank's stock value, The New York Times said [5]. 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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