SYDNEY — Commonwealth Bank of Australia shares crashed more than 10 percent Wednesday, closing at $153.67 after shedding $17.90 in one of the largest single-day value losses in Australian corporate history, wiping out roughly $25 billion in market capitalization as investors reacted harshly to disappointing quarterly results and looming pressure from federal budget tax reforms.

The nation's largest lender reported an unaudited cash profit of approximately $2.7 billion for the March quarter, up 4 percent from a year earlier but falling short of analyst expectations by about 2 percent. A $316 million loan impairment charge, including a $200 million precautionary top-up to collective provisions amid geopolitical risks in the Middle East and a more cautious economic outlook, triggered the sharp sell-off.

CBA shares opened sharply lower and accelerated their decline throughout the session, hitting intraday lows near $153.65. The 10.43 percent drop ranks among the bank's worst one-day performances in years, dragging the broader financial sector and the S&P/ASX 200 index lower despite resilience in mining stocks.

Budget Reforms Add to Lending Concerns

The sell-off intensified as investors digested Tuesday night's 2026-27 federal budget, which included changes to negative gearing and capital gains tax concessions for property investors. Analysts flagged heightened risks........

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