Shares of PG&E Corp. (PCG) - Get Report  tumbled more than 20% Monday after reports said the California utility was exploring bankruptcy to cope with massive liabilities from fatal wildfires blamed on its equipment.

PGE plunged $5.45 -- or 22.34% -- to close at $18.95 after multiple media reported Friday after the bell that the utility could seek bankruptcy protection, which would likely send its stock to zero.

Reuters cited unnamed sources familiar with the company's deliberations as saying that PG&E has been exploring filing for bankruptcy protection for some or all of its units. Meanwhile, NPR reported that the utility is also pondering selling its natural gas unit, NPR reported on Friday.

In a statement Friday, PG&E said that its board "is actively assessing PG&E's operations, finances, management, structure, and governance -- and remains focused on improving safety and operational effectiveness."

Wildfires in 2017 and 2018 blamed on PG&E equipment failures killed scores of people and left thousands more homeless.

(This article has been updated.)