The shares of PG&E Corporation (NYSE:PCG) closed $52.50 each, down more than 1.06% on Monday.
Over the past 52 weeks, PCG stock dropped from $65.43 per share to as low as $50.64 per share.
PG&E Corporation is one of the largest utility companies in the United States. It is engaged in the sale and delivery of electricity and natural gas to customer in northern and central California. It is based in San Francisco with more than 20,000 employees.
The wildfires devastating California is the primary reason for the significant decline in PGE’s stock price. In fact since October 9, the first trading day since the wildfires started in Northern California, the shares of the utility company fell from $68.65 to its current trading price of $52.50—a decline of $16.15 per share.
There had been reports that PG&E’s downed power lines and exploding transformers caused the wildfires. Under California law, PG&E can be responsible for damages if proven that its equipment triggered a spark that became the largest and deadliest wildfires in the history of the state. The company is now facing lawsuit in connection with the wildfires.