(IANS)
As evidence grew that the US finance crisis has reached Europe, French shares fell sharply in early trading Monday, with banking shares leading the decline.
After one hour of trading Monday, the Paris Bourse’s benchmark CAC 40 was down 3.17 percent, at 4,031.27, with slumping issues outpacing winners by 12 to 1.
The Franco-Belgian financial services group Dexia was the biggest loser, giving up nearly one-fourth of its value, as the Belgian government declared that it would come to its support as it had with the Fortis financial group.
French bank Credit Agricole was down more than nine percent, to 13.05 euros ($18.71), with two more banks, BNP Paribas and Societe Generale off more than seven percent, at 63.08 and 60.46 euros, respectively.