AIG May Have Zero Equity Value: Citigroup Analyst

American International Group Inc. shares continued their free fall Thursday after a Citigroup analyst said there is a high probability that the insurer's equity is zero.

Shares dropped $2.83, or 20 percent, to $10.48 in late morning trading.

Last week, shares of the New York-based insurance giant plummeted after a 1-for-20 reverse stock split was approved at the company's annual shareholders meeting on June 30. Shares of AIG closed at $1.16 that day, which is equivalent to $23.20 assuming the reverse split.

AIG May Have Zero Equity Value: Citigroup Analyst
Source: Business Week