TOKYO (Reuters). – Shares In Nomura Holdings (NYSE): The stock fell nearly 8% Monday. It was the largest daily drop since March.

Nomura said last week its second-quarter net profits were almost erased by a charge in excess of 39 billion Japanese yen (or $342 million). It said the charge was due to legacy transactions that occurred in the United States before 2008’s global financial crisis.

This loss came after a $2.9 billion impact from the U.S. bankruptcy. Archegos, an investment fund – the news was reported in March. Nomura shares plunged by more than 16% after Nomura flagged potential losses at an American subsidiary.

Hideyasu, an equity analyst with Jefferies (NYSE) said that Nomura’s quarterly results were below what he expected.

We estimated that the company’s earnings would begin normalizing in the current quarter, and it did so. However, 39 billion yen was not expected to be used for reserve provisioning before transactions occurred.

Nomura, which had fallen 7.8% in the previous session, traded at 513.9 yen, 6.58% below the overall positive trend.

On Monday, the share price average hit an all-time high of one month after Prime Minister Fumio Kishida retained a majority in a Parliamentary election.

Nomura is outperforming the benchmark Nikkei from the beginning of this year. Nomura lost 5.96% to the Nikkei’s leap of 7.74% thus far.