The Plunge in Bank Shares Drag Down Broader Market.

Greek bank shares sold off sharply for the third day in a row on Wednesday with buyers yet to emerge on a scale large enough to counter continued dumping of the stocks.

The Athens bourse's banking index .FTATBNK ended 27 percent lower, bringing the three-day plunge since Monday's open to 63 percent. The rout dragged the wider market .ATG down 2.5 percent although non-financials generally outperformed banks.

Alpha (ACBr.AT) and Piraeus Bank (BOPr.AT) both closed 29.6 percent lower, effectively at the 30 percent daily loss limit. The former has 1.06 million shares on offer and the latter 2.8 million shares. There were no buyers for either.

Peers Eurobank (EURBr.AT) and National Bank (NBGr.AT), which also fell sharply, attracted buyers towards the close, ending down 26.7 and 24.3 percent, respectively.

The new price levels mean big losses for bank shareholders, including the Greek bank rescue fund HFSF, which holds majority stakes in three of the four big lenders, hedge funds and other long-term foreign investors.