By 1 p.m. Fortis shares had dropped 18%. Insiders claim the Fortis shares suffered from the rumour that the Fortis group plans a new capital increase. It looks that the resignation of CEO Jean-Paul Votron has not been able to restore the confidence.
It's the second time Fortis shares have been badly hit, after the crash at the end of June.
Fortis' bad results also had an impact on other shares in the financial services industry. Dexia lost 8.2%, KBC dropped 6.2% during the course of the day.
The Bel-20 index of leading Belgian shares also lost ground as a result, dropping over 3%. Stock exchanges in Europe all had a bad day, but Brussels had one of the poorest results.