Shares of the company that's building the Keystone pipeline are getting crushed

Shares of TransCanada, the company behind the Keystone pipeline, are getting crushed.

The stock fell by as much as 6% on Friday morning, following news that President Barack Obama was announcing his administration’s opposition to the cross-border-distribution pipeline.

Shares were already down by about 4% before news of Obama’s announcement crossed. The stock had fallen 34% year-to-date.

As Business Insider’s Colin Campbell noted, the project garnered support because of the jobs it would create. However, environmentalists opposed it on fears of its effects on climate change.

On Wednesday, TransCanada applied to the State Department for permission to build the pipeline, but was denied.

Here’s a chart showing the drop in shares:

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