Turkey’s Bank Asya Plunges Most on Record as Trading Resumes
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Asya Katilim Bankasi AS, the Islamic lender locked in a feud with President Recep Tayyip Erdogan and the Turkish government, declined the most on record on the first day of trading after a monthlong suspension.
The shares sank 20 percent, the steepest decline since they began trading in May 2006, to 99 kurus at the close, the lowest level since March 2009. That compares with a 0.1 percent advance to for the benchmark Borsa Istanbul 100 Index. The lender’s shares were suspended on Aug. 7, with the Borsa Istanbul citing “ambiguity” in the bank’s ownership structure.