Local stocks plunged to their lowest level in 11-and-a-half years yesterday, after Butterfield Bank tumbled.

The bank, which has launched a rights offering giving qualifying shareholders the right to buy shares at $1.21, yesterday fell 15 cents, or 10.3 percent to $1.30, as 38,876 shares changed hands.

The rights themselves are also trading on the Bermuda Stock Exchange and the fall in the share price sparked a fall in the rights price.

The rights, which ended Thursday at 11 cents, plunged to four cents, as more than 560,000 were traded.

The Royal Gazette / Bermuda Stock Exchange Index fell 62.37 points, or 4.5 percent, to close at 1,336.49 — the lowest close since November 1998.

Trading volume was close to 600,000 shares and rights, while turnover topped $108,000.