GE stock has worst day in 11 years

General Electric fought back Thursday night after the company was accused of fraud and its stock experienced its worst one-day percentage drop since April 2008.

General Electric shares plunged more than 11% Thursday after Harry Markopolos, who is famous for blowing the whistle on Bernie Madoff’s Ponzi scheme in 2008, accused GE of orchestrating a massive fraud.

GE CEO Larry Culp on Thursday bought 252,200 shares at $7.93 per share, a purchase worth almost $2 million, according to an SEC filing. The buy helped bump GE’s share price around 2% in after-hours trading. Culp’s ownership of GE stock nearly doubled this week after an earlier purchase Tuesday.

GE Board Director Leslie Seidman called the fraud allegations “baseless” and “inflammatory” in an interview on