Standard Chartered shares close more than 17% down

Standard Chartered share price has closed more than 17 percent down. Still a bigger fall than Barclays when the rate rigging broke.

Standard Chartered building in the City of London
Standard Chartered building in the City of London Credit: Press Association

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Standard Chartered says sorry

The boss of Standard Charted said allegations it hid $250 billion worth of transactions with Iran "came as a complete surprise". Peter Sands said the figure from the regulator was an estimate. It apologised for the $14m of mistakes they admitted to.