Nosedive: National City Shares Plummet Almost 50% - Cleveland 19 News Cleveland, OH

Nosedive: National City Shares Plummet Almost 50%

CLEVELAND (AP) - National City shares were down almost 50 percent in midday trading on another tough day for the nation's financial sector.

National City Corp. shares were down $1.79, or 48 percent, to $1.92 Monday afternoon. The sharp decline comes after shares closed down 26 percent on Friday.

National City was one of several regional bank stocks to tumble. It's been hit hard this year by high-risk mortgage loans and was forced to arrange a $7 billion capital infusion in April.

National City spokeswoman Kelly Wagner Amen says the stock decline is an irrational reaction to problems at other larger banks such as Wachovia Corp., which will be acquired by Citigroup Inc.

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