YPF shares plunge in Buenos Aires and New York

Shares in Argentina's biggest energy company YPF plunged 18.3 percent in Buenos Aires today while the company's US-listed shares were 3.3 percent lower in New York after they fell to a three-year low yesterday.

YPF shares were battered by weekend media reports that said the government had made up its mind to take control of the company, controlled by Spain's Repsol, either by expropriating it or buying a controlling stake.

Yesterday YPF’s shares hit a 52-week low in Wall Street after two provinces said they would revoke its concessions over the weekend and a local newspaper reported the government was planning to take control of the company.