Goldman Sachs Group Inc.’s (GS.N) shares fell for a third day as analysts tried to put a price on the firm’s current scandal.

The stock dropped as much as 1.3 per cent Tuesday as investors grappled with the potential fallout from the firm’s involvement in raising money for Malaysia’s scandal-plagued state investment company 1MDB earlier this decade. The share decline put the three-day plunge on pace for the biggest since April 2010, when the firm was dealing with a scandal over its pre-crisis sales of mortgage bonds.

The financial impact and reputational damage of the scandal are “nearly impossible to quantify at this point in time,” Keefe, Bruyette & Woods analyst Brian Kleinhanzl wrote in a note Tuesday. “The ultimate question is who knew what and when regarding 1MDB and that question remains open-ended for now.”

The bank -- which hasn’t been charged with wrongdoing -- has said the investigation could lead to significant fines. Bernstein analyst Christian Bolu estimated Goldman may see a “financial hit” of US$600 million to US$2 billion from the 1MDB scandal, which would be “meaningful,” but “ultimately manageable” for the firm.

Goldman fell 0.9 per cent at 1:43 p.m. in New York, while every other major U.S. bank climbed. The shares are down 20 per cent this year.

“We need more facts to come out,” Janus Henderson Investors portfolio manager Marc Pinto said in an interview Tuesday.