BP plc (BP) shares fell 14% during Tuesday’s trading session to $36.90, the most intraday since at least July 1980, as the company was unable to successfully shut the flow off from the broken well.
With the “top kill” operation declared a failure over the weekend, BP abandoned attempts to plug the well that has already leaked between 19.7 million and 43 million gallons of oil, according to govt estimates, into the Gulf of Mexico and said it will now try to divert the spill with a dome.
Oil and gas explorers and oil and gas equipment stocks are getting whacked on the news as the sector’s slide persists. Cameron International Corp. (CAM) slipped 7.54% to $33.50. Transocean Ltd. (RIG) dropped 7.49% to $52.53. Halliburton Co. (HAL) lost 11% to $22.06 and Anadarko Petroleum Corp. (APC) slumped 14.41% to $43.79.
BP shed $5.08, or 11.80%, to $37.88 in recent action. The stock has lost more than a third of its market cap, or $67 billion, in six weeks, Reuters reports.