U.S. shale-oil drillers including Pioneer Natural Resources Co. and EOG Resources Inc. plunged after influential money manager David Einhorn criticized the large sums of cash they burn through to frack wells.

“Pioneer burns cash and isn’t growing,” Einhorn said at the Sohn Investment Conference in New York on Monday. “Why is the market paying $27 billion for this company?”

Pioneer fell as much as 5.3 percent for the biggest intraday decline since Feb. 11. EOG had been up as much as 2.5 percent before Einhorn’s comments triggered a sell-off that wiped out all of Monday’s gains.

Einhorn, the founder of Greenlight Capital, also singled out Concho Resources Inc., Whiting Petroleum Corp. and Continental Resources Inc.