Germany's benchmark DAX index slumps after Brexit

The benchmark DAX index at Frankfurt Stock Exchange on Friday slumped and lost nearly 700 points.

The majority of the voters in Britain voted in favour of leaving European Union, which sent a shockwave across the equity markets. The DAX index opened around 1,000 points lower and recovered some losses during the intra-day trading. It plummeted by 699.87 points, or 6.82 percent and closed at 9,557.16 points.

All the 30 DAX member shares suffered losses with banks worst hit. Deutsche Bank lost 14.13 percent. Commerzbank sank by 12.99 percent. Thyssenkrupp plunged by 12.39 percent. Allianz slipped by 10.39 percent. Volkswagen fell by 10 percent. The utilities company RWE dropped by 9.42 percent. Deutsche Boerse slid by 9.26 percent. Deutsche Lufthansa went down by 9.16 percent.

Allianz was the most traded share of the day with a turnover of 1.04 billion euros (around 1.18 billion U.S. dollars). Endit