Banco Sabadell’s stocks lost 5.96 per cent and CaixaBank’s 4.96 per cent.
Sabadell’s loses amount to a wholloping 982.82 million euros, and Caixa Bank almost 2,000 million euro.
Other major bank Santander’s stock value fell by almost 4 per cent.
The Catalonia-based banks face a potentially uncertain future after Catalan President Carles Puigdemont said he would declare independence from Spain by early next week following the October 1 referendum.
Spain has sent in the army to provide logistical support to the Guardia Civil and national police still stationed in the region.
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The deployment of troops is highly controversial after President of Catalonia Carles Puigdemontpreviously referred to the presence of the Guardia Civil and national police as “occupying forces” and said they should leave all four of the Catalan provinces immediately.
Despite Spain’s highest court declaring the referendum illegal Mr Puigdemont argued Catalonia has no obligation to adhere to the Spanish constitution.
He said: “There are people who interpret the Constitution as a bible, that it contains absolute truth. That it’s more important than the will of the people.
“It’s obvious that we are part of Spain but we can and we have the right to create our own state and there is a very clear popular desire which I don’t think anybody disputes anymore for us to decide our own future.”
Spain’s King Felipe made a stern televised speech on Tuesday night in which he condemned the referendum but made no mention of the police violence which marred Sunday’s vote.
He accused the Catalan authorities of undermining the “unity of Spain” and “the right of all Spaniards to democratically decide their lives together”.
King Felipe said: “These authorities have scorned the attachments and feelings of solidarity that have united and will unite all Spaniards.
“Their irresponsible conduct could even jeopardise the economic and social stability of Catalonia and all of Spain.”