Monte Paschi stock tumbles over 10% on ECB deadline reports

MILAN: The world’s oldest bank saw its stock tumble over 10 per cent on Friday over reports the European Central Bank had refused its request for more time to raise the cash it needs to avoid being wound down.

Monte dei Paschi di Siena (BMPS) was down 11.42 per cent just before 1400 GMT. The bank was to hold a board meeting later Friday amid reports the government was ready to intervene and recapitalise the ailing institution.