Updated from 2:09 p.m. EST
slumped Monday after Kuwait's government called off a $17.4 billion joint venture with the Michigan-based petrochemicals company.
Dow closed down 19% at $15.32, a new 52-week low.
Rohm & Haas
were also concerned, sending the company's shares down 16%. Dow set plans in July to acquire
in a nearly $19 billion deal. For its part, Rohm & Haas said the successful completion of Dow's joint venture in Kuwait was not required to close the merger of the two.
Shareholders of Rohm & Haas approved the agreement in October. Rohm & Haas said it "continues to work diligently" toward completing the transaction with Dow in early 2009.
Following the news, Dow was downgraded from overweight to equal-weight at Barclays Capital.
This article was written by a staff member of TheStreet.com.