Barclays made a huge mistake in the US market, worth 590 million dollars, and sold its stakes

Barclays (BCS) Shares were down 3.3% at 115.22 pence at 05.04 AM ET Tuesday. Shares fell 4% on Monday after the bank said it had sold billions of pounds worth of securities over nearly a year, exceeding the $20.8 billion cap agreed with US regulators by $15.2 billion.

The Barclays stake sale was priced at 150 pence ($1.96) on Tuesday, toward the top of the target range of 147.50 pence to 150.75 pence, but that still represented a greater than 6% discount from Monday’s closing price, weighing on the stock price.

A person involved in the deal told Reuters that the sale was just over 575 million shares set on Monday night, with a net oversubscription of 899 million pounds ($1.18 billion) for the seller, adding that the oversubscription was several times oversubscribed.

The Capital Group emptied 399 million shares on Monday, according to Eikon data, but it was not clear if the sale was related to a deal managed by Goldman Sachs.

The Capital Group – one of the world’s largest investment firms, and the mother of the American Funds brand popular with millions of US investors and retired savers – declined to comment.

Barclays said it would have to delay its planned £1 billion ($1.3 billion) share buyback due to the loss in US structured products, which it would have to incur as a result of buying back the securities in question at the original purchase price.