Shares in commodity giant Glencore plunged on Tuesday morning after it was revealed that the company has received a subpoena from the US Department of Justice as part of a money-laundering investigation.
Glencore released a statement on Tuesday morning saying that it has been asked to hand over documents in relation to a corruption probe, and is “reviewing” the subpoena. It relates to Glencore’s operations in Venezuela, Nigeria, and the Democratic Republic of Congo.
Investors have taken flight on the news, with shares dropping more than 10% in early morning trade. They have since recovered a little, and by just after 8.45 a.m. BST (3.45 a.m. ET) are down around 8.2%.