Huntington (Nasdaq:HBAN), First Horizon (NYSE:FHN) Shares Plunge on Discounted Offering

Shares of Huntington Bancshares Inc. (Nasdaq:HBAN) and First Horizon National Corp. (NYSE:FHN) plummeted Tuesday after their stock sales to raise capital to pay back TARP were discounted from the closing prices on Monday.

Huntington, which was attempting to raise about $1.2 billion, had their offer priced at $6.30 a share, while First Horizon, which was attempting to raise $250 million from the share sale, had them priced at $10.50, a discount of 3.8 percent.

Huntington was trying to raise $920 million in equity and the remainder through debt.

Both plans from the companies were disappointing to shareholders, who were hoping they wouldn't have to raise that much capital to repay their obligations to TARP.

First Horizon was trading at $10.62, down $0.30, or 2.75 percent, as of 1:57 PM EST. Huntington was trading at $6.40, down $0.2575, or 3.87 percent.