LONDON, March 15 Reuters Shares in European banks got pummeled again on Wednesday, as Credit Suisse plunged to fresh record lows after the lender39;s biggest shareholder said it could not raise its 10 stake citing regulatory issues.

Credit Suisse fell below 2 Swiss francs 2.18 for the first time after Saudi National Bank said it could not go above 10 ownership due to a regulatory issue.

Credit Suisse shares fell by as much as 23.8 and were last down 20.2. Trading in the shares was halted a number of times by the stock exchange operator as volumes soared and the stock plummeted.

An index of European bank stocks fell in morning trading and was last down 6.1, hitting its lowest since January 3. The index has dropped 14 since last Wednesday39;s close, meaning a loss of over 120 billion euros 127.25 billion in market value since then. It is the index39;s biggest weekonweek loss since Russia39;s invasion of Ukraine last February.

Fears of contagion after the collapse of techfocused lender SVB and New Yorkbased Signature Bank last week have weighed on European bank stocks.

Markets are wild. We move from the problems of American banks to those of European banks, first of all Credit Suisse, said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan.

This is dragging lower the whole banking sector in Europe. The shares accelerated losses after the Saudis commented …I believe Credit Suisse39;s crisis can be solved and the bank will not be let to go belly…