BP shares plunge after oil leak failure

SHARES in oil giant BP plunged by as much as 15 per cent today after the so-called "top kill" attempt to block the oil leak in the Gulf of Mexico failed.

The dramatic slump for the stock market heavyweight came as the company admitted the total cost of the response had reached 990 million US dollars (682.3m).

Attempts to cap the well with mud and other debris were unsuccessful over the weekend and the company is now working on using robot submarines in the latest move to stem the flow of oil.