November 15, 2018 / 5:35 PM / 7 months ago

RBS loses £2.84 billion in market cap as shares sink 10 percent

FILE PHOTO: The logo of RBS (Royal Bank of Scotland) bank is seen reflected in the windows of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/File Photo GLOBAL BUSINESS WEEK AHEAD

LONDON (Reuters) - A sell-off across Britain’s financial markets wiped 2.84 billion pounds off Royal Bank of Scotland’s (RBS.L) market capitalisation on Thursday after its shares sank 10 percent, according to Reuters calculations.

The bank ended the day with a market capitalisation of about 27.01 billion pounds, down 9.5 percent from Wednesday, according to calculations. The stock had its worst day since the Brexit vote in June 2016.

UK housebuilders Taylor Wimpey (TW.L), Barratt Development (BDEV.L), Persimmon (PSN.L) and Berkeley Group (BKGH.L), which were some of the biggest fallers on the day, lost a combined 1.6 billion pounds.

Persimmon was hardest hit, losing 540 million pounds; Barratt lost about 430 million pounds, while Taylor Wimpey’s market value fell by 380 million pounds and Berkeley’s dropped by 290 million pounds.

Reporting by Josephine Mason; Editing by Susan Fenton

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