Petrobras share price plunges 20%

An electronic board showing the index chart at the Sao Paulo Stock Exchange (B3) yesterday. Shares in Brazilian state oil company Petrobras plunged more than 19% after President Jair Bolsonaro changed its chief executive. – AFP pic, February 23, 2021.

SHARES in Brazil’s state-run oil company, Petrobras, plummeted yesterday after President Jair Bolsonaro changed the firm’s chief executive, fuelling fears he will intervene in energy prices and the economy in general as he eyes re-election.

The company’s ordinary shares dived 20.5% and preferential shares 21.5% on the Sao Paulo stock exchange, which closed down 4.9% overall.

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