Citigroup shares tumble below $1for the first time

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Citigroup shares tumble below $1for the first time

This article was posted on Mar 6, 2009 and is filed under Press Releases

EW YORK (Reuters) – Shares of Citigroup (NYSE:C – News), once the world’s most valuable bank, tumbled below $1 on Thursday, taking its year-to-date drop to 85 percent.

Citigroup, a Dow component, fell more than 13 percent to an intraday low of $0.98, hammered by continued fears over the bank’s health and ability to avert nationalization.

About two years ago, Citi’s market value was above $270 billion. Today its market cap is a little over $5.4 billion.

(Reporting by Deepa Seetharaman; Editing by James Dalgleish)

source: yahoo finance.

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