Shares of Penn National Gaming Inc. plummeted more than 20% on Thursday after a big third-quarter profit miss and allegations of sexual misconduct against Barstool Sports’ founder.

The decline wiped away $2.69 billion from Penn National’s PENN market cap, the most the gambling company has lost from a stock decline in its 27-year history on the public markets, according to Dow Jones Market Data. While Penn lost about $3.6 billion in market cap on a November day in 2013, that was from spinning off another business.

The…

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