Shares in PG&E (PCG), California's largest utility company, tumbled Friday after one of its natural-gas pipelines exploded in San Bruno, Calif., killing at least four people and destroying 38 homes.
PG&E's stock fell more than 8% at one point in late-morning trades before recovering some ground. Shares recently changed hands at $45.34, down $2.93, or 6.1%. By 1 p.m. Eastern, volume was already running at more than six-times its three-month average.
PG&E President Chis Jones said a 30-inch gas pipe ruptured about three feet below ground just before 6:30 p.m. Thursday local time. The cause of the blast and explosion are still undetermined, Jones said at a news conference, the AP reported.
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