Top eurozone bank sees shares tumble 11 pct after selling shares for $8.9 billion

StocksAssociated Press

Shares in Spain's Banco Santander, the eurozone's largest bank by market value, have taken a tumble after the bank raised 7.5 billion euros ($8.9 billion) in a share sale.

Santander's shares lost 11 percent as their trading resumed in Madrid on Friday after being suspended Thursday following announcement of the capital increase. By early afternoon, the price was at 6.1 euros.

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The drop was roughly in line with the 6.2 euro price at which the new shares were sold in the capital hike. The price tumble helped drag Madrid's benchmark Ibex 35 index down by nearly three percent.

The capital increase move comes about four months after Ana Botin took over the bank following the death of her father, former chairman Emilio Botin.