NAB leads $39bn stocks plunge

THE Australian share market had its largest one-day fall in six months, closing more than three per cent weaker and wiping $38.5 billion from its value, on troubling news from National Australia Bank and a weak lead overnight from Wall Street. The bank said it had made a provision of $830 million on its exposure to a portfolio of collateralised debt obligations, building on a $181 million charge booked in its first half.

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