Genel Energy shares slump on London debut

Shares in Genel Energy, the Kurdistan-focused oil company run by the former BP boss Tony Hayward, tumbled 8.3 per cent on their debut in London yesterday.

Analysts put the slump down to concerns about corporate governance, in part stemming from the involvement in a senior capacity of Mehmet Sepil, who received a £1m fine from the Financial Services Authority for insider trading.

Yesterday's flotation completed the reverse takeover of Turkey's Genel Enerji by Nat Rothschild's listed cash shell Vallares, headed by Mr Hayward. It is seeking further acquisitions of groups operating in the region, with Norway's DNO thought to be a likely target.