Akbank Slumps to 2009 Low After Citigroup Sells: Istanbul Mover
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Akbank TAS, Turkey’s second-biggest bank by market value, slid to the lowest in almost three years after Citigroup Inc. sold part of its stake at a discount.
Akbank slumped as much as 8.6 percent and traded down 6.2 percent to 5.44 liras at the close in Istanbul, the weakest since July 2009. Citigroup sold 10.1 percent of its 20 percent stake at a price of 5.24 liras per share for about $1.15 billion, according to an e-mailed statement today.