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Sabesp Plunges as Dam Levels Fall to Record Amid Drought

Cia. de Saneamento Basico do Estado de Sao Paulo fell the most in five months after the utility said it will cut bills for customers who save water amid a drought that’s draining dams to a record low.

Sabesp, as Brazil’s biggest water utility is known, is offering business and residential clients in the greater Sao Paulo area a 30 percent discount through August if they cut their monthly usage 20 percent below their average between February 2013 and January 2014, the Sao Paulo-based company said in a statement on its website.