Biggest Financial Stocks Losers are ING, LYG, SHG

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ING Groep N.V. (ADR) (NYSE:ING) plunges 18.57% to $10 after Dow Jones reported that ING Groep N.V. will issue new shares at EUR4.24 each to raise EUR7.5 billion to repay part of the state aid it received last year from he Dutch State. Existing shareholders can subscribe for six new shares for every seven subscription rights that they hold. ING said the funds raised will be used to repay half of the EUR5 billion state aid it received from the Dutch Government last year.

Lloyds Banking Group PLC (ADR) (NYSE:LYG) plunges 12.10% to $5.45 after the company said on Friday new convertible bonds issued as part of a restructuring package unveiled earlier this month will convert to equity at a price of 59 pence per share. Under the overhaul plan, unveiled on Nov. 3, conversion would only take place if core tier one capital at Lloyds fell below 5 percent.

Shinhan Financial Group Co., Ltd. (ADR) (NYSE:SHG) plunges 9.84% to $76.84. The stock hit an intraday high and an intraday low of $85.23 and $75.51 respectively. In the last six months the stock went up over 59%. Shinhan Financial Group Company Limited is a financial holding company established in Republic of Korea. The Company has developed and introduced a range of financial products and services in Korea to deliver financial solutions to the clients, through one-portal network.