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Panic selling causes temporary suspension of Barclays shares after 9% drop

Trading in Barclays shares was temporarily suspended today after a sudden drop in its share price of more than 9 per cent to 442p.

It is believed that the stock price fell following rumours in the market that Barclays was on the verge of issuing a $10bn writedown and that the bank planned to launch an emergency rights issue to raise funds.

There was also talk of the impending resignation of chief executive John Varley and investment banking head Bob Diamond.

A Barclays spokesperson denied the rumours, saying: “There is absolutely no substance to them.”

When trading resumed minutes later the share price recovered slightly, but remained down by 6 per cent.

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