India, May 26 -- Energy giant BP faced a major market setback after the company abruptly removed chairman Albert Manifold over governance and conduct concerns.

The surprise leadership change triggered heavy selling in BP stock, with investors reacting sharply to uncertainty surrounding the company's management and future direction.

The company quickly appointed Ian Tyler as interim chairman while beginning the search for a permanent replacement.

BP Share Price Tumbles Massively

BP shares witnessed a steep fall immediately after the announcement became public. London-listed shares of the company dropped nearly 9% during trading before recovering slightly later in the session. BP's ADR shares in the United States also declined sharply i...