BP’s share value crashes further

British petroleum or commonly known as BP has failed to deal with environmental disaster following oil rig, the Deepwater Horizon’s explosion in the Gulf of Mexico. The grieve incident has completely dented the company’s reputation as well as the market value.
BP’s future seems to be very dark as the top-kill plugging maneuver had also failed. Moreover, soon the hurricane season will begin in the gulf, making it more difficult for the rescue ships to do their job. The storms are going to spread the polluting oil slick even farther along the southern gulf coast.
All these things have seriously damaged BP’s shares value at the stock markets. BP, the largest oil and gas company in the U.S till the incident has suddenly become so weak that the analysts are even predicting a takeover.
The company shares suffered their biggest 1-day decline in two decades when they dropped around 17% on June 1, 2010 in London. The company’s share value has decreased 34% since the oil rig explosion on April 20, 2010. This led to a more than $58 billion decline in the company’s market value, making it vulnerable. If BP fails to control the crisis in near future, the buyers may emerge and try to break up or takeover the company.