West Indies Petroleum dropped to $10 in trading on the Jamaica Stock Exchange in the morning session, with 584,892 shares changing hands, up to a high of $14. The value of stocks traded so far is just over $7 million.
Trading in the stock was halted, with 225,000 shares on offer at $10. There are minor bids in the nine-dollar region, the highest at $9.60. At $10, the stock is highly overvalued at a PE of 200. This is not going to end well for several investors.