Shares in Monte dei Paschi suspended from trading after 23 percent drop


Shares in Banca Monte dei Paschi di Siena turned negative with the sector and were suspended from trading after a 23 percent drop.

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The stock rose as much as 26.5 percent on Tuesday after Italy's third-largest bank unveiled a turnaround plan under new chief executive Marco Morelli, capping a week of gains that has seen shares rally by 150 percent.

"The plan was well received but such a rally was unwarranted, it was just a matter of time before investors started booking profits and now they have started doing just that," a Milan-based trader said.

(Reporting by Valentina Za; editing by Agnieszka Flak)