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Besiktas Plunges to Lowest in Two Years on UEFA Ban, Fine

May 30 (Bloomberg) -- Besiktas Futbol Yatirimlari Sanayi & Ticaret AS, the merchandising unit of Turkish sports club Besiktas, plunged to the lowest in almost two years after saying its soccer team was banned from European competitions for a year.

Besiktas fell 8.8 percent to 4.33 liras at the close in Istanbul, the lowest level since July 2010.

The Union of European Football Associations, or UEFA, imposed a one-year ban and a 200,000 euro ($248,000) fine on Besiktas for erroneous financial statements, the club said in a statement to the Istanbul Stock Exchange today.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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