Shares in Fortis, the Belgo-Dutch financial services group, plunged on Thursday after it unveiled plans to bolster its finances by more than €8bn ($12.6bn).

Fortis began an immediate placement of new stock, from which it hopes to raise €1.5bn, and abandoned this year’s interim dividend as part of what it termed “exceptional measures” due to tough market conditions. The shares lost almost a fifth of their value to close at €10.26, a fall of €2.39.