Prudential Financial suspends share buybacks

The company cited recent market volatility and extraordinary events and developments affecting financial markets generally" for the halt.

During the first nine months of the year, the company repurchased 28.6 million shares of its common stock at a total cost of $2.13 billion, including 5.4 million shares at a cost of $375 million in the third quarter.

The company has an additional 427 million shares outstanding, according to Thomson Reuters.

Prudential also forecast a sharply lower third-quarter profit, hurt by poorly performing investments and a legal settlement.

Prudential shares closed down $10.02, or 23.2 percent, at $33.27, after hitting an all-time low of $25.51 during the session.