Walmex Slumps Most Since 1998 After Mexico Bribery Report
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Wal-Mart de Mexico SAB fell the most in more than 13 years after its parent company announced an investigation into allegations that representatives in the country bribed local officials to get stores opened faster.
Wal-Mart de Mexico, which is 69 percent owned by Wal-Mart Stores Inc., fell 12 percent to 37.89 pesos in Mexico City, the biggest decline since May 4, 1998. The parent company’s shares slid 4.7 percent to $59.54 at the close in New York, the biggest drop since Aug. 10.