Standard Chartered shares dive as it defends Iran claims

Shares in UK-listed banking giant Standard Chartered have dived in early trading, down 16%, amid allegations the bank assisted in a $250bn money laundering scheme.

At 8.10am shares had fallen 16.5% or 243p to £12.26, mirroring losses overnight in Asia, despite the bank this morning denying the allegations. The emerging market focused lender's share price fell as much as 7.5% on the Hong Kong Stock exchange overnight, after it was accused by the New York state regulator of enabling Iranian banks and corporations to hide roughly 60,000 transactions - worth at least $250bn - within the bank. Standard Chartered had already sold-off prior to London's close yesterday, ending the session down 6.19% at £14.70. Standard Chartered has strongly denied t...