Tullow Oil Stock Plummets 36% Following Adverse Tax Ruling in Ghana

Shares of Tullow Oil experienced a significant sell-off today, dropping 36% after the company lost a major legal battle regarding its tax obligations in Ghana. An international arbitration tribunal ruled against the oil producer, ordering the firm to pay $196.5 million in back taxes. Investors reacted sharply to the news, which poses a substantial financial burden on the company's operations in the region.