Australia banking stocks are getting smoked today, continuing a trend seen over the past month.
Commonwealth Bank is currently off more than 4%, after reporting flat profit growth during the March quarter.
According to a Tweet posted by BBY Limited earlier today, this equates to the largest percentage decline seen since the GFC.
The bank has now fallen 13% since a late March high of $96.69, when commentators started talking about the Commonwealth becoming Australia’s first $100 stock.
The losses in CBA are impacting other banking heavyweights with Westpac, NAB and ANZ shares lower by 1.9%, 1.6% and 0.5% respectively.
Reflective of those losses, the broader ASX 200 financial index is lower by 2.2%.
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