The Milan stock exchange fell by
2.63% Tuesday amid a sell-off of companies including Luxottica
and Mediaset.
Luxottica, a luxury eyeglass maker, was one of the worst
hit and fell by 5.72% by late in the day before recovering to
close 3.81% lower.
Also hit hard was Mediaset, which dropped by 4.51%.
That came after news that prosecutors were probing the
entire board of directors of Mediaset subsidiary EI Towers over
its failed bid for RAI Way.
Mediaset is controlled by former premier Silvio Berlusconi.
Telecom Italia shares fell by 4.04% and Generali insurance
also shed 3.15% by late in the day.
Analysts said that European financial markets were hit hard
by concerns over the outlook for Greece's economy as its
government continues talks with former troika members
International Monetary Fund (IMF), the European Central Bank
(ECB) and the European Union.
The Greek government is attempting to negotiate a deal with
its international creditors by May 12, a deadline for a
one-billion euro interest payment owed to the IMF.
Athens is hoping for access to more bailout money to meet
its obligations.
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