Petrobras Leads Emerging-Market Losses After Rousseff’s Win
This article is for subscribers only.
Petroleo Brasileiro SA fell the most in six years as President Dilma Rousseff’s re-election dashed hopes of repealing price and project restrictions that have made it the world’s most-indebted oil producer.
The shares tumbled 13 percent to 14.11 reais at 3:13 p.m. in Sao Paulo, leading losses on the MSCI Emerging Markets Index, which retreated 0.7 percent. Petrobras, as Rio de Janeiro-based Petroleo Brasileiro is known, now trades at 6.3 times its forecast earnings, the cheapest since March.