Over €2 billion has been wiped off the value of companies on the Irish stock exchange today, as markets around the world continue to see sharp falls amid concerns about improper accounting standards.
The ISEQ was down 191 points or over 4% to 4406.81.
The group worst affected was the beleaguered pharmaceutical drugs group, Élan, which is down 65% on the day.
Once the biggest company on the Irish Stock Exchange, the company's market value has tumbled from about $22billion last year to less than $1billion.
The shares have lost almost 70% of their value so far this week, on the back of accounting worries.
But nearly every company is experiencing losses; Bank of Ireland is down 5%, AIB 3% and Ryanair 7%.
Elsewhere, the FTSE in London is down 2.5% with Vodafone forced to issue a statement dispelling rumours over worries about its accounting practices.
In Paris, the CAC Index fell 3% as concern continues over the solvency of media giant, Vivendi.
