Citigroup shares fall below $2 as US banks plummet

NEW YORK: Shares of Citigroup dropped more than 20 per cent to fall below $2 as bank shares plummeted shortly after the opening bell on Friday on fears the US bank rescue plan might include nationalization.

Bank of America fell more than 15 per cent to $3.31 and Wells Fargo tumbled more than 12 percent while JP Morgan shed 5.8 per cent. The Financial Select Sector SPDR fell 4.5 per cent to $7.22.