UniCredit plunge after reporting 43% discount on its shares

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Source: Bloomberg
One of biggest Italian lender UniCredit SpA faced biggest decline in stock price since 1988 after the bank announced it is preparing to sell  €7.5 bn ($9.7bn) of shares at 43% discount of from yesterday's last price. Shareholders will be able to buy two new-issued stocks for в‚¬1.943 each for every old share they already hold. UniCredit is attempting to raise funds to meet capital target requirements. Bank's shares fell 14% to в‚¬5.42 on the announcement.
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