OGX slumps after Batista contests $1B put option

|By:, SA News Editor

OGX Petroleo (OGXPY.PK -9.6%) shares slump after Eike Batista challenges OGX's put option exercise, which would force Batista to pump $100M into the cash-starved company immediately and the remainder as needed.

The beleaguered former billionaire threatened that if the dispute is not resolved in 60 days, he would bring the issue to the arbitration court of Brazil's stock exchange.

OGX shares skyrocketed 31.4% on Friday on news that the company exercised the put option.