ANZ has suffered its heaviest share price fall in almost seven years following its announcement of a $3 billion capital raising.
The bank has already completed the main component of its venture, raising $2.5 billion from a share placement to institutional investors.
The bank's shares were placed in a trading halt on Thursday ahead of its announcement of the share placement and a $500 million share purchase plan for ordinary shareholders, which together will lift its reserve levels to meet new regulatory requirements.
ANZ shares resumed trade on Friday and dropped $2.44, or 7.5 per cent, their largest one day fall since November 2008.
It took their shares to $30.14, ANZ's lowest closing price since February 2014.
The massive fall wiped $6.8 billion from ANZ's current market value, to $84 billion.
Shares in the three other major lenders also continued to fall after heavy losses caused by ANZ's announcement on Thursday.
Commonwealth lost $3.25, or 3.8 per cent, to $81.30, Westpac dropped $1.09, or 3.3 per cent, to $32.35 and National Australia Bank shed 77 cents, or 2.3 per cent, to $32.82.
ANZ's capital raising has investors expecting similar moves from its rivals, particularly CBA, while ANZ also issued a disappointing earnings update on Thursday.
Share
