P.M. BRIEFING : Carbide Sinks on India Action
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NEW YORK — Union Carbide Corp.’s stock dropped in heavy midday trading today after the newly elected Indian government said it will review the company’s $470-million settlement with victims of the 1984 Bhopal gas disaster.
In midday trading, Union Carbide fell $1.625 to $20.875 and was the second most-active issue on the New York Stock Exchange.
Traders and industry analysts noted that the drop in Union Carbide’s share price was also aided by the current cyclic downturn of the domestic chemicals business.
A spokesman for Union Carbide, Bob Berzok, said he had nothing to add to an earlier statement on the case by the chemical company’s vice president, Joseph Geogan.
The statement said, “We are confident the settlement will stand. There is simply no basis for overturning it.”
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