StanChart shares fall 7% after U.S. lawmaker calls for probe
Shares of Standard Chartered fell 7% after U.S. lawmaker Elise Stefanik called for a probe into the bank for alleged sanctions evasion. The request was made to Attorney General Pam Bondi, seeking the appointment of a special attorney to investigate. The shares had previously been down 1.5% before the letter's release, which contributed to the significant drop. Despite this, Standard Chartered's stock had recently reached a near 12-year high earlier in the week.
LONDON, Aug 15 (Reuters) - Shares in Standard Chartered (STAN.L) fell 7% on Friday after a U.S. Republican lawmaker wrote to the Attorney General Pam Bondi asking for action to be taken against the bank over alleged “ongoing sanctions evasion”.
Elise Stefanik, a New York Republican, requested in a letter shared on the X social media platform and published on her website that a special attorney be appointed to look into Standard Chartered’s alleged failings.
Standard Chartered did not immediately respond to a request for comment.
The bank’s shares, which had been about 1.5% lower earlier on Friday, plunged and were last down 7% at 1433 GMT. One trader linked the share move to the letter.
Like other European lenders, Standard Chartered’s stock has risen sharply this year and hit a near 12-year high earlier this week.
