U.S. News

Sinopec Stock Plunges 7% on Chairman's Resignation


China's top oil refiner Sinopec's stock plunged as much as 7% in China after the company's chairman Chen Tonghai abruptly resigned for personal reasons on Friday.

Sinopec's vice chairman Zhou Yuan will takeover Chen's responsibility before a new chairman is elected, the company said in a statement last week.

No reasons were given for Chen's resignation but media reports are linking it to corruption.

Goldman Sachs said in a report that Chen's departure will only have a shortterm negative impact on the stock.