BP stock tumbles below 300p over spill cost fears

In mid-morning trading in London, the company's share price fell almost 9% to 296p before recovering to settle at about 305p after midday. Concerns continue to mount over BP's ability to pay the ballooning cost of the oil spill. The $2.3bn bill - up from the previous figure of £2bn - consists of clean-up costs, compensation claims and grants to impacted states. BP said this morning work on two relief wells to increase the capture of leaking oil were on track, with a new containment system due to begin operations next month. Earlier this month, the oil giant deferred paying out i...