Shares of Deutsche Bank, the global German investment bank, slumped over 11% on Friday after a sharp spike in the prices of the bank's credit default swaps.
Deutsche Bank's five-year CDS touched an intraday all-time high of 193.2 basis points on Friday, and was trading at 181.85 basis points, as of 3:15 p.m. India standard time, according to Bloomberg data.
European bank stocks also came under pressure on Friday as Commezbank, Credit Suisse, Societe Generale and UBS all saw their respective stocks fall by over 7%, as of 3:30 p.m. IST.
The multinational bank's stock has lost over 24% of its value over the last one month and shares were changing hands for 8.3 Euros per share, as of 3:30 p.m. Indian Standard Time on Friday.
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