Shares in troubled bank still falling

Northern Rock was valued at less than £1bn today after traders sold shares on fears that a takeover of the troubled bank may not materialise.

The stock continued its recent slide with a drop of 21% to 202.75p, giving it a stock market valuation of around £850m. It had been worth £2.7bn before news of its emergency funding request to the Bank of England sparked a dramatic slide in its share price on Friday.