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Standard Chartered Falls Most in 24 Years on N.Y. Iran Probe

New York regulators charge bank with money laundering for Iranian banks, threaten to pull its state license.

By Gavin Finch and Greg Farrell | Updated on August 07, 2012

Aug. 7 (Bloomberg) — Standard Chartered Plc fell the most in almost 24 years as an analyst estimated it may face costs of $5.5 billion after being accused of violating U.S. money laundering laws over to its dealings with Iranian banks.

The shares fell 23 percent to 1,132 pence by 10:42 a.m. in London trading, their biggest decline since 1988, the earliest date for which data are available.

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