Niko Resources Shares Drop 39 Percent

Business Week reported Niko Resources Ltd. (TSX:NKO) shares dropped 39 percent to C$13.21 after its gas reserves plunged more than estimated.

As quoted in the market news:

Niko, which owns a 10 percent interest in the D6 block off India’s east coast, cut the estimate for its share of reserves to 193 billion cubic feet as of March 31, the company said in a statement yesterday after the close in Toronto.

Click here to read the full Business Week report.