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Commonwealth Bank of Australia

5 Key Reasons Behind Australia's Biggest Bank Sell-Off: CBA Shares Crash 10% in $25 Billion Wipeout

SYDNEY — Commonwealth Bank of Australia shares plunged more than 10 percent on Wednesday, closing at $153.67 and erasing roughly $25 billion in market value in one of the most dramatic single-day drops in recent ASX history. The sell-off followed a quarterly trading update that fell short of elevated expectations and fresh concerns over the federal budget's property tax changes, highlighting vulnerabilities in Australia's largest lender amid a challenging economic and policy backdrop.
Commonwealth Bank of Australia

CBA Plunges 10.4% in Record $25 Billion Wipeout as Bad Debts and Budget Tax Changes Hammer ASX Banks

SYDNEY — Commonwealth Bank of Australia shares crashed more than 10 percent Wednesday, closing at $153.67 after shedding $17.90 in one of the largest single-day value losses in Australian corporate history, wiping out roughly $25 billion in market capitalization as investors reacted harshly to disappointing quarterly results and looming pressure from federal budget tax reforms.
ASX 200 Top Gainers: Telix Pharma Jumps 3.23% on FDA

ASX 200 Slumps 0.52% as CBA Plunges on Budget Tax Changes and Rising Bad Debts

SYDNEY — The S&P/ASX 200 index fell sharply Wednesday, closing at 8,625.3 after shedding 45.4 points or 0.52 percent, as heavy selling in banking stocks — led by a near 10 percent crash in Commonwealth Bank — overshadowed gains in mining giants and reflected investor unease over the federal budget's tax reforms.
The eBay app is seen on a smartphone in this illustration taken, July 13, 2021.

eBay Rejects GameStop's $56 Billion Takeover Bid as 'Neither Credible Nor Attractive'

SAN JOSE, Calif. — eBay Inc. on Tuesday formally rejected GameStop Corp.'s unsolicited $56 billion takeover offer, calling the proposal from the meme-stock-fueled video game retailer "neither credible nor attractive" in a sharply worded letter to GameStop Executive Chairman Ryan Cohen. The swift dismissal ends — at least for now — one of the most audacious corporate power plays in recent memory, with eBay's board citing deep concerns over financing, operational risks and governance.

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