Why Banco Santander SA (SAN) Stock Is Down Today

NEW YORK (TheStreet) -- Banco Santander SA  (SAN) fell Thursday as Portugal's Banco Espirito Santo's turmoil dragged down European financial institutions.

Banco Espirito Santo shares were suspended from trading on Thursday after the stock dropped another 17%. Shares of the bank's controlling shareholder, Espirito Santo Financial Group SA, were also suspended "due to ongoing material difficulties" at Banco Espirito Santo, according to The Wall Street Journal. This week's nosedive took 32% off the bank's market value and weighed down Portugal's main stock index.

The instability also affected the rest of Europe, and Spain's Banco Santander fell 4.42% to $9.94 at 11:06 a.m. More than 9.3 million shares had changed hands by that point, compared to the average volume of 6,001,630.

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