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Downgrade takes toll on Royal Bank

Shares in Royal Bank of Scotland are now trading at 11% below the price of last month�s rights issue after a bearish note from Cazenove, underscoring its vulnerability to a 1992-style economic slump, sent its stock down again.

Shares in Royal Bank of Scotland are now trading at 11% below the price of last month's rights issue after a bearish note from Cazenove, underscoring its vulnerability to a 1992-style economic slump, sent its stock down again.