UnitedHealth Group shares plunged nearly 13 percent on Thursday after a Wall Street Journal report that the U.S. Department of Justice had begun a criminal investigation into the company for potential Medicare fraud.
The reported probe adds to a string of recent setbacks for the healthcare conglomerate that has erased more than half, or over $300 billion, from its market value since November, when shares were trading at record highs.
UnitedHealth's shares dropped to $267 in midday trade, near five-year lows. The stock is the worst-performing Dow component so far this year.
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