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BP Shares Fall 13%
Released 06/01/2010 |
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June 1, 2010. The sell-offs came as the firm's so-called "top kill" bid failed to plug the massive spill from its leaking well in the Gulf of Mexico. There are fears the leak will now go on for at least another two months, until relief wells can be drilled. BP said that the total bill for the clean-up already stood at $990m (£684m). The shares sell-off was BP's biggest one-day shares fall for 18 years, and wiped £12bn off its stock market value. At its lowest point, the firm's share price was nearly 17% down on the day, but it recovered slightly by the close of trading. BBC Business editor Robert Peston said it was "certainly not ludicrous to assume that the final cost for BP of this mess could wipe out at least an entire year's profit". |
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