Milan

Tanking MPS stocks indicate market not convinced, Viola says

Shares down 3.9% in early trading

Tanking MPS stocks indicate market not convinced, Viola says

Milan, February 4 - Tanking stock prices at Italy's troubled Monte dei Paschi di Siena (MPS) bank are an indicator that the market is not convinced in the fundamentals of the business plan, MPS CEO Fabrizio Viola said Monday. Speaking to Italian Radio 24, Viola said the lender's shares, which slid 3.9% in early trading Monday, signaled that investors still doubted the "implicit fundamentals of MPS's business plan". Shares have been dropping steadily since earlier this month when Italy's third-biggest lender disclosed losses of 720 million euros due to a series of shady derivative and structured-finance deals, sparking multiple investigations.

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