Vienna  - Austria's lead stock index ATX dropped by 8.05 per cent Monday amid the global financial turmoil, the second biggest one-day drop in the history of the Vienna stock exchange.

Raiffeisen International Bank-Holding AG lost 13.64 per cent. Traders told Austrian news agency APA that investors sought to reduce positions associated with risks, such as Raiffeisen's involvement in Russia.

Following the trend of banking stocks traded in Europe on Monday, Erste Group Bank lost 9.51 per cent, as the United States' financial crisis reached Europe with government rescues of ailing banks in Germany, Britain and the Benelux.

Austrian Airlines AG suffered the heaviest losses in Vienna. Shares were valued at 4.55 euros (6.55 dollars) at closing time, 18.17 per cent lower than on Friday. (dpa)