Inmobiliaria Colonial SA, Spain's third-largest real estate company, fell for a third day in Madrid trading after equity-swap contracts led to additional share sales.
The stock declined 13 percent to 1.63 euros, its lowest since March 2006. That cut Barcelona-based Colonial's market value to 2.7 billion euros ($4 billion.)
``The drop in share price has triggered a dumping of the stock by the banks that backed the equity swaps,'' said Athena Ko, a real estate specialist at UBS AG in London.
