Aberdeen 's European Technology & Income investment trust has stopped paying the dividend on its income shares - the first time in its history that Martin Gilbert's fund management group has taken such a serious step.

The income shares of the crisis-hit trust promptly tumbled over 40% from an already depressed 11p to just 4.75p where they trade at only a fraction above their net asset value. Aberdeen and its broker UBS Warburg sold shares to investors only 18 months ago when the £400m (€648.5m) launch of the trust was one of the largest IPOs of 2000.