Petrobras Plunges After Prolonging Graft Writedown Debate
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Petroleo Brasileiro SA, the oil company at the center of Brazil’s biggest ever graft case, fell the most in three months after directors failed to reach an agreement on multibillion-dollar writedowns linked to misconduct.
Shares slumped 11 percent to 9.03 reais at the close in Sao Paulo, the steepest drop since Oct. 27 and the worst performance on Brazil’s Ibovespa index. Methodologies discussed at a meeting Tuesday to determine writedowns “proved inadequate” and other options are being considered, Chief Executive Officer Maria das Gracas Foster said in a filing.