StanChart IDRs slump on New York worries

STANCHART-INDIA-IDRS-BANK-NEW-YORK:StanChart IDRs slump on New York worries

 

Reuters Market Eye - Standard Chartered's Indian depositary receipts drop 7.4 percent after New York's state regulator threatened to strip the lender of its state banking licence, saying it had hid $250 billion in Iran-related transactions.

StanChart's IDR fell as much as 15.3 percent at one point, hitting its lowest since June 2011.

The lender's Indian securities have seen very low trading volume since their listing on June 2010.

Standard Chartered Plc shares declined 6.2 percent on Monday, the biggest intraday drop in almost two years.