Braskem Plunges After Report on Ties to Petrobras Scandal
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Braskem SA, Latin America’s largest petrochemicals producer, sank the most in more than 20 years after a newspaper cited court testimony that linked the company to a graft scandal at Petroleo Brasileiro SA.
The shares tumbled as much as 21 percent, the biggest intraday drop since August, 1994, when Bloomberg records began. The stock was down 19 percent to 11.18 reais at 3:16 p.m. in Sao Paulo. Bonds due in 2024 declined 5.3 cents to 95.84 cents on the dollar, the lowest since they were issued in January 2014.