LONDON, Sept 4 BP shares were set for
their worst one-day fall on Thursday since June 2010 after a
judge in the United States said the oil major had been negligent
in events leading up to the 2010 oil spill in the Gulf of
BP was down by 6 percent at 454.35 pence going into the
close of trading in London, making the stock the worst-performer
on Britain's benchmark FTSE 100 index.
BP's drop is poised to be the worst single-day percentage
fall since June 2010, a particularly volatile month for its
shares which were hit by the fallout from the Deepwater Horizon
oil spill in the Gulf of Mexico earlier that year.
"Obviously the market's not taken it well and it was a
little bit unexpected but you would expect BP to appeal the
level of the fines, the decision made," said Manoj Ladwa, head
of trading at TJM Partners.
"It is a short-term concern, longer term BP is cash
generative and I'm sure they'll have the funds to pay for this."
The fall in BP's shares wiped some $9 billion off the
British company's market capitalisation.
(Reporting by Sudip Kar-Gupta, Vikram Subhedar and Tricia
Wright; editing by Kate Holton)