PG&E's stock has lost more than half its value this week as shareholders flee the utility amid concerns that its equipment may be partly responsible for the most destructive wildfire in California's history.
Shares plunged another 24 percent to under $20 per share on Thursday after PG&E lost 21 percent in the prior session. The exodus from the utility began in earnest on Wednesday after the company said that, if its equipment is found responsible for the so-called Camp Fire in Northern California, the costs would exceed its insurance coverage and impact its financial well-being.
The plunge in the company's stock erased $3.7 billion in value on Wednesday as its market cap slid to $13.3 billion from $16.9 billion. The company's value fell another $3 billion Thursday to about $10 billion. It's now down 51 percent this week.