Shares of NiSource, owner of gas utility to Boston area, on pace for worst day since 2001 after massive explosions

Firefighters inspect a home after gas explosions on September 13, 2018 in North Andover, Massachusetts. 

Adam Glanzman | Getty Images
Firefighters inspect a home after gas explosions on September 13, 2018 in North Andover, Massachusetts. 

Shares of natural gas company NiSource dropped about 10.2 percent Friday after a series of gas explosions left several homes near Boston demolished or engulfed in flames.

Investigators said the explosions took place Thursday because of “over-pressurization of a gas main” that belongs to Columbia Gas of Massachusetts, a NiSource subsidiary.

The news put the stock on track for its worst day since Nov. 2, 2001, when it dropped 12.3 percent. The stock also erased its 9.4 percent gain for the year and the company’s market cap dropped from $10.2 billion to $9.2 billion. However, NiSource shares, however, remained up nearly 9 percent over the past six months.

The explosions killed at least one person, injured 12 others and led to the evacuation of thousands, officials said.

“We are focused on providing as much support as possible to our customers, residents and communities,” NiSource said in a statement. “We expect this will be an extended restoration effort, and we will work tirelessly to restore service to the affected customers.”

This entry was posted in Markets. Bookmark the permalink.

Leave a Reply