By midday Friday, Bankia recovered slightly but was still trading down 25.2 percent at
euro0.41 while the IBEX-35 dipped 1.8 percent.
Officials with the country's bank bailout fund revealed late Wednesday that Bankia, which is in line for a
euro18 billion ($23.88 billion) bailout, was worth minus euro4.2 billion. The Fund for Orderly Bank Restructuring revealed the extent of the bank's negative value
-- more debts than assets -- due to worse-than-expected losses on toxic property investments.
Bankia's falling share price also hit Banco de Valencia, another nationalized lender, whose stock fell 20 percent, having closed 21 percent down the previous day.