BP shares fall; lost market value tops $100 bln

BP shares fell nearly 4 percent in New York Friday. If the decline holds, BP will have lost more than $100 billion in market value since a rig it operated exploded in the Gulf of Mexico.

Earlier, the company said the cost of responding to the Gulf oil leak has risen to $2.35 billion. The escalating costs, plus potential legal liabilities and BP's continuing struggles to contain the leak — now estimated at between 1.5 million and 2.5 million gallons per day — have eroded investor confidence.

BP's shares closed at $60.48 on April 20, the day of the rig blast. On Friday, they dipped as low as $27.07 and traded at $27.69 around midday. At that price, BP shares have lost $102.63 billion in value since April 20 and $12.74 billion this week alone.