March 9 (Bloomberg) — HSBC Holdings Plc plunged the most in at least 23 years in Hong Kong, driven to a 13-year low by last-minute trades and concern about deepening loan losses at its U.S. business.
The shares fell 24 percent to HK$33 at the 4 p.m. close, the lowest since May 1995. HSBC, Europe’s largest bank, has lost 42 percent since announcing on March 2 that it will raise 12.5 billion pounds ($17.3 billion) in a rights offer at the equivalent of HK$28 apiece.
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