Petrobras to lose $18.5 bn in market value with intervention

Investors have begun to unload shares of Petrobras. The accumulated losses total R$60 billion ($11 bn) and are expected to reach R$100 billion ($18.5 bn) due to what they call government intervention in the company. The figures take into account the devaluation of shares on the B3 and foreign stock exchanges where the company’s ADRs are traded. On Friday 19th alone, Petrobras registered R$28.2 billion ($5.1 bn) in market value reduction in Brazil.

Source: Folha