Banks lead European shares towards for worst-ever daily fall after Brexit vote

Fri Jun 24, 2016 3:34am EDT
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LONDON, June 24 (Reuters) - European shares plummeted more than 8 percent on Friday, led by the banking sector, and headed for their biggest ever one-day percentage fall after Britain voted to leave the European Union after a landmark referendum.

British Prime Minister David Cameron said that he would resign following the results.

The FTSEurofirst 300 was down 8.5 percent at 1,244.03 points by 0723 GMT after falling up to 1,239.68. The pan-European STOXX Europe 600 slumped 8.8 percent.

Financial stocks bore the brunt of the sell-off, with the European banking index falling 14 percent, putting it on track for its worst ever one-day percentage fall as well. European insurers were down 12.7 percent, while auto shares fell 10.5 percent.

Shares in Barclays slumped 25 percent, Royal Bank of Scotland was down 23 percent and Lloyds fell 23 percent. (Reporting by Atul Prakash; Editing by Vikram Subhedar)