Royal Bank of Scotland (RBS) shares underwent a temporary automatic execution suspension period (AESP) yesterday morning, with prices having fallen from 190.4p at opening to 176.1p.

Barclays also entered temporary auction yesterday morning after prices fell from their opening price of 145p down to 136.1p. The prices dropped further throughout the day.

The AESP function was designed to protect against rapid changes in price.

If the price of a potential execution is more than a defined percentage above or below the reference price, then an automatic execution suspension period is triggered, where it will resume trading following an auction.

A spokesperson for the London Stock Exchange Group said: “RBS and Barclays entered temporary auction this morning before resuming trading as normal.

“In extreme markets companies can enter temporary auction a number of times a day.

“It’s not uncommon in a volatile market.”

But major banks were not the only ones whose share prices were hit hard following the EU referendum result.

Challenger Shawbrook Bank saw prices fall from 232.4p at opening yesterday to 167p at the end of the day, after initially listing in April 2015.

Aldermore Bank shares also fell from 142.8p on Monday morning to 113.8p at the end of the day.

The news comes as George Osborne reassured Britons that the UK’s financial institutions were prepared for a Brexit.

Shawbrook were approached for comment but did not respond before the deadline.

RBS, Aldermore and Barclays declined to comment.