Local stocks plunged last week, driven by a fall of more than 20 percent in the value of Butterfield Bank shares.

The Royal Gazette / Bermuda Stock Exchange (BSX) Index fell by 136.95 points, or 9.3 percent, to 1,465.72 — its lowest level since June 2000.

Butterfield shares fell by 40 cents over the five days of trading to close on $1.55, as 336,900 shares changed hands.

A rights offering that gives existing shareholders the opportunity to buy $130 million of Butterfield shares for $1.21 each has been announced. And last weeks fall takes the share price closer to the rights offering level.

The biggest decline of the week was that of Devonshire Industries Ltd., which dropped $2.50, or 27.8 percent, to close on $6.50, as 1,500 shares traded.

Bermuda Aviation Services Ltd. also tumbled, shedding 25 cents, of 4.7 percent, as it closed on $5.05 on the trading of 11,000 shares.

Ascendant Group Ltd., owner of power company Belco, also slipped 35 cents, or 2.3 percent, to $14.50, as 1,400 shares were exchanged.

Combined US and Bermuda dollar volume was 356,569 shares, while turnover topped $708,000.