GPA Drops the Most in Six Years After Posting Net Loss on Costs
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Cia Brasileira de Distribuicao, Brazil’s largest retailer, fell the most in more than six years after the company posted a larger-than-expected loss, pressured by costs from an internal probe of its online operation, along with store closings and firings amid Brazil’s worst recession in at least a century.
GPA shares fell 9 percent to 48.95 reais at 1:12 p.m. in Sao Paulo after falling as low as 48.16 reais to mark the biggest intraday decline since May 2010.