HK shares slump as banks reel from illicit fund movement reports

At the close of trade, the Hang Seng index was down 504.72 points, or 2.06%, at 23,950.69, its biggest daily percentage drop since July 24.

HONG KONG: Hong Kong shares fell on Monday, dragged by financials after reports said HSBC and Standard Chartered were among banks moving allegedly illicit funds over the past two decades and as Sino-U.S. tensions hit index heavyweight Tencent.

At the close of trade, the Hang Seng index was down 504.72 points, or 2.06%, at 23,950.69, its biggest daily percentage drop since July 24. All but three index constituents fell on the day.