Brazil’s OGX Falls Most on Bovespa as Espirito Santo Cuts Rating
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OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, dropped the most on Brazil’s benchmark Bovespa index as Banco Espirito Santo de Investimento SA cut its rating on the stock.
Shares tumbled 4 percent to 3.14 reais at 2:32 p.m. in Sao Paulo trading, the steepest decline on the Bovespa index, which fell 0.7 percent.