Greek bank stocks plunge 5.2%, NBG weighs

Greek bank stocks were shedding more than 5% just after opening on Wednesday, underperforming the broader Greek market, as a sharp drop by National Bank (NBG) shares weighed on the benchmark index.
NBG late on Tuesday announced a plan to raise 2.8 bln euros via a rights offering of shares and equity notes and the sale of a stake in its Turkish unit Finansbank.
"The big capital raising by NBG is prompting selling in other shares by investors who plan to raise cash to participate in the offering," said analyst Manos Hatzidakis at Pegasus Securities.
"The low rights issue price of 5.2 euros a share is another factor weighing on bank shares," he said.
At 0800 GMT, NBG shares were losing 9.9% to 9.39 euros with the banking sector down 5.6%. Alpha Bank was shedding 4.05% with EFG Eurobank down 4.5%.