HSBC shares plunge 10 percent

HONG KONG (Reuters) - Shares of HSBC extended early losses to tumble more than 10 percent to a five-year low on Friday after Morgan Stanley cut its target price amid a negative outlook for emerging markets growth.

HSBC's shares fell to as low as HK$90.10 (7.31 pounds), lagging a 6.51 percent plunge in the benchmark Hang Seng Index.

Standard Chartered dived more than 13 percent to 5-year low to as low as HK$105.

Morgan Stanley cut HSBC's target price to HK$75 from HK$100 and reduced its target price on Standard Chartered to HK$125 from HK$250, amid slower revenue growth and an increase in bad debts in Asia.

Shares in HSBC have dropped 31 percent so far this year, outperforming a 54 percent slide in the benchmark index.

(Reporting by Donny Kwok; Editing by Anne Marie Roantree)