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BP Shares Keep Losing Value Despite Energy Giant's Reassurances

BP CEO Tony Hayward

BP CEO Tony Hayward

Shares in energy giant BP fell for the second day in a row amid fears that the company will face massive punitive penalties because of the huge Gulf of Mexico oil spill.

BP shares fell by 11 percent in early London trading today, after shedding 15 percent on June 9 in trading on the New York Stock Exchange.

The drop means the oil giant's share price has almost halved since the April 20 explosion that killed 11 rig workers aboard the "Deepwater Horizon" and set off the massive oil spill.

The drop came despite the company's reassurances that it had the financial flexibility to deal with losses related to the oil spill.

compiled from agency reports